The governors of the European Bank for Reconstruction and Development have agreed to increase the bank’s capital by 50 percent as part of their endorsement of EBRD’s strategy for the next five years.
During their annual meeting, held this year in Croatia, the governors approved a temporary increase of 9 billion euros (USD11.1 billion) in EBRD’s callable capital and a transfer of 1 billion euros from the bank’s reserves to in-paid capital.
The decision increases EBRD’s overall capital to 30 billion euros from 20 billion euros.
The capital increase supports the bank’s New Growth Agenda, which aims to address Europe’s economic vulnerabilities as bared during the economic crisis. Under the agenda, which is proposed by EBRD President Thomas Mirow, the bank will invest primarily in energy efficiency, climate change and energy security-related projects.