EBRD Board Backs Proposed Capital Increase

European Bank for Reconstruction and Development directors will back a proposal to increase the bank’s capital to 30 billion euros (USD40 billion), Agence France-Presse reports. The directors will endorse the proposal to EBRD governors during the bank’s scheduled meeting in May, the news agency quoted an insider source who requested anonymity as saying. The proposal was drafted by EBRD President Thomas Mirow and represents an increase of 10 billion euros from the bank’s current capital of 20 billion euros.

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  • Ivy Mungcal

    As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.