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Annual Report 2010 Securing the Recovery Annual Report European Bank for Reconstruction and Development Annual Report 2010

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Annual Report 2010 European Bank for Reconstruction and Development Annual Report 2010 Contents 02 EBRD commitments in 2010 48 7: Nuclear safety Securing the recovery 03 EBRD countries of operations 52 8: Special activities and initiatives 04 2010 in numbers 53 Donor funding in 2010 06 President’s message 53 Overview by sector 08 1: Overview 55 Overview by donor 09 Operational results 56 ETC Initiative 10 Financial results 57 Western Balkans 10 Sectors 58 9: Reform 12 Environmental and social development 59 Democratic reform 14 Assessment and evaluation 60 Economic reform 16 2: Financial sector 60 Legal reform 17 Banking 63 Environmental and social reform 17 Trade fi nance 64 10: Governance and accountability 18 Joint IFI Action Plan 65 Governance and integrity 18 Energy effi ciency 67 Civil society engagement 19 Loan syndications 67 Independent evaluation 19 Bond issuance 69 Results framework 19 Local currency markets 19 Equity investments in banks 70 11: Organisation and staffi ng 20 Other fi nancial services 71 Staffi ng overview 20 Support for MSMEs 71 Recruitment overview 71 Compensation and benefi ts 22 3: Climate change and sustainable energy 71 Geographic mobility 23 The challenges of energy effi ciency and 71 Learning and development climate change 72 Organisational capacity-building 23 How the Bank is responding 73 EBRD organisation chart 24 The Sustainable Energy Initiative: results 73 Employee engagement and activities 73 Working environment 24 International cooperation and policy dialogue 74 EBRD management 25 Climate change adaptation 76 EBRD Governors and Alternate Governors 26 4: Power and natural resources 77 EBRD Directors and Alternate Directors 27 Major increase in support for renewable energy 79 Further information 28 Natural resources 32 5: Infrastructure 33 MEI 35 Transport 38 6: Industry, commerce and agribusiness 39 Agribusiness 40 Manufacturing and services 40 Property and tourism 42 Equity funds 44 TAM/BAS 44 Telecommunications, informatics and media 46 TAM/BAS Programme: selected highlights The EBRD is an international fi nancial institution that supports projects from central Europe to central Asia. Investing primarily in private sector clients whose needs cannot be fully met by the market, the Bank fosters transition towards open and democratic market economies. In all its operations the EBRD follows the highest standards of corporate governance and sustainable development. Using this report View this Annual Report online: These symbols are used throughout this Report to www.ebrd.com/annualreport direct you towards further information either online, Annual Report 2010 within the Report or another EBRD publication: INFORMATION INFORMATION WITHIN THE REPORT Securing the recovery ONLINE OR ANOTHER EBRD PUBLICATION European Bank for Reconstruction and Development Annual Report 2010 Highlights of 2010 JULY Within the context of the Joint IFI Action Plan the Bank provides a number of comprehensive fi nancial packages to strategic parent banks and local banks with a systemic presence in the region. One such package involves four Greece- European Bank for Reconstruction and Development Printed in England by Fulmar which operates an environmental based banking groups (Alpha, Piraeus, Eurobank EFG and National Bank of One Exchange Square waste and paper recycling programme. The Annual Report 2010 Greece) with loans to subsidiaries in London EC2A 2JN is printed on Cocoon Silk 50 paper which is 100% PCF (Process STATE-OF-THE-ART Albania, Bulgaria, Romania and Serbia. United Kingdom Chlorine Free) and using environmentally responsible inks which GAS TURBINE The EBRD and IFC jointly raise €200 are biodegradable. Cocoon Silk 50 is FSC certifi ed, 50% FACILITY million from a group of eight commercial Switchboard/central contact recycled and acid free. The cover is printed on Cocoon Offset € MILLION banks for the reconstruction and expansion Tel: +44 20 7338 6000 which is 100% recycled. Fulmar is a carbon-neutral printer. of St Petersburg’s Pulkovo airport. This SEPTEMBER Fax: +44 20 7338 6100 syndication brings the overall amount A Memorandum of raised by the EBRD and IFC for the Pulkovo Understanding between the project to €370 million. Information requests MAY EBRD and Japan Bank for For information requests and general enquiries, please use JANUARY The Bank launches its Local Currency International Cooperation NOVEMBER and Local Capital Markets Initiative, (JBIC) enhances ties to the information request form at www.ebrd.com/inforequest The IFC, the EBRD and The EBRD supports the involvement 150 funded by the EBRD Shareholder support economic and social CRG Capital launch fi rst of the private sector in the oil and Special Fund, to help the region’s development in central and restructuring fund for central gas industry in central Europe, with Project enquiries governments build up local sources of eastern Europe, Russia, and eastern Europe to support an equity investment of up to Tel: +44 20 7338 7168 MARCH domestic funding and reduce the use the Caucasus and central the region’s recovery. The Asia, with a special focus on US$ 30 million (€22.4 million) to Fax: +44 20 7338 7380 The EBRD steps up its support for the of foreign exchange in the domestic 7785 Annual Report 2010 (E/4,000) CEE Special Situations Fund energy effi ciency and climate- Central Europe Oil Company – CEOC Email: [email protected] creation of a modern power system in fi nancial system. will focus on the acquisition, related projects. Limited (CEOC) – an independent turnaround and resolution of the Baltic region, with a €150 million company specialising in the © European Bank for Reconstruction and Development corporate distressed assets in loan for the construction of a state- re-development of existent mature EBRD publications of-the-art gas turbine facility in Latvia central and eastern Europe. hydrocarbon reservoirs. Tel: +44 20 7338 7553 All rights reserved. No part of this publication may following the closure of the Ignalina Fax: +44 20 7338 6102 Nuclear Power Plant. be reproduced or transmitted in any form or by any Email: [email protected] means including photocopying and recording, without the written permission of the copyright holder. Such Web site written permission must also be obtained before any www.ebrd.com part of this publication in stored in a retrieval system of any nature. Applications for such permission should Editorial be addressed to [email protected]. Elliot Frankal Jane Ross FEBRUARY JUNE OCTOBER Dan Siddy Natasha Treloar The EBRD and Intesa Sanpaolo A fi nancing facility of up to US$ 185 The EBRD signs three credit lines Helen Valvona Group join forces to increase the million (€137.9 million equivalent) worth a total of €200 million with availability of fi nancing to the real for micro, small and medium-sized subsidiaries of Piraeus Bank in economy sector in central and enterprises (MSMEs) is launched by Romania, Bulgaria and Albania for Design and Production eastern Europe with a package the EBRD to boost the real economy on-lending to businesses in their Alan Bates Design of up to €100 million to the APRIL in Turkey, with special focus on more respective countries. It is part of DECEMBER Daniel Kelly Group’s subsidiaries in Bosnia and diffi cult regions, agricultural fi nancing the Joint IFI Action Plan (2009) Herzegovina, Hungary and Serbia Taking a major step in the and women entrepreneurs. which pledged to provide €24.5 The EBRD and Deutsche Bank launch for on-lending to small and medium- global fi ght against fraud and billion over two years to support Environmental Sustainability Bonds Photography corruption, leading multilateral to fi nance environmental projects in sized enterprises (SMEs). eastern European economies via Anna Aleksandrova (9, 21, 37, 62, 63); Aleksandar Andjić (53); development banks (MDBs), the banking sectors. the EBRD’s countries of operations. including the EBRD, sign an The proceeds of the bonds are Bogdan Cristel (66); Dumitru Doru (11, 41, 54); EBRD (IFC, 7, agreement to cross-debar fi rms specifi cally earmarked to support a 13, 18, 23, 31, 45, 65); Mike Ellis (25); Energa (24); Jack Hill and individuals found to have AUGUST portfolio of “green” projects aimed at (15); istockphoto.com/Vladimir Cetinski (59); Kozloduy NPP engaged in wrongdoing in MDB- The Bank disburses KGS 112 promoting sustainable development (49); Andy Lane (6); INA (IFC, 30); Magyar Wind (27); David fi nanced development projects. million (€1.8 million) to two and clean energy technologies. FINANCING FOR JOINT IFI Mdzinarishvili (28); Justyna Mielnikiewicz (IFC); Novarka (51); ON-LENDING TO microfi nance institutions in Krygyz ACTION PLAN Republic (MCC Frontiers and FINCA Pulkovo (IFC); Sarajevo International Airport (36); Saturn SMEs MCC) for on-lending to smaller € BILLION Management (29); Sofi a Water (33); Warsaw Trams (35); € MILLION microfi nance institutions (MFIs) Bryan Whitford (61) and local entrepreneurs in rural regions. Both transactions are part of a US$ 60 million (€44.7 million) non-bank MFI framework for early transition countries (approved by 10 0 the EBRD in 2008). 24.5 Annual Report 2010 European Bank for Reconstruction and Development Annual Report 2010 Contents 02 EBRD commitments in 2010 48 7: Nuclear safety Securing the recovery 03 EBRD countries of operations 52 8: Special activities and initiatives 04 2010 in numbers 53 Donor funding in 2010 06 President’s message 53 Overview by sector 08 1: Overview 55 Overview by donor 09 Operational results 56 ETC Initiative
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