European Bank for Reconstruction and Development
European Bank for Reconstruction and Development (EBRD), international financial institution that invests primarily in the private sector to promote entrepreneurship and foster the development of democratic market economies, est. 1991. Originally focused on the former Communist nations of Eastern Europe and the Soviet Union, the EBRD began investing in Mongolia in 2006 and Turkey in 2009, and has since expanded its focus to include E and S Mediterranean nations. It focuses primarily on new and existing economically viable private companies whose financing needs are not meet by the market; it also works with government-owned companies to foster privatization and restructing and to improve municipal services. More than 60 nations, roughly half of whom receive investments, and the European Union and European Investment Bank are shareholders in the EBRD.