PUBLIC
(i)
The analysis of the capital and financial implications reconfirms that
a limited and incremental expansion to Sub-Saharan Africa and Iraq will
not in itself impair the Bank’s ability tosupport its existing countries of
operations, compromise the Bank’s triple-A credit rating, or lead to a
request for additional capital contributions;
(ii)
Such limited and incremental expansion of the geographic scope of the
Bank’s operations to sub-Saharan Africa and Iraq should be enabled
through an amendment of Article 1 of the Agreement Establishing the
European Bank for Reconstruction and Development (‘the Agreement’);
and
(iii)
The implementation of the expansion must be carried out in a way that
will not dilute the focus of the Bank in supporting Ukraine and other
countries of operations affected by the war on Ukraine.
RESOLVES THAT:
1. Article 1 of the Agreement shall be amended to read as follows:
“In contributing to economic progress and reconstruction, the purpose of
the Bank shall be to foster the transition towards open market-oriented
economies and to promote private and entrepreneurial initiative in the
Central and Eastern European countries committed to and applying the
principles of multiparty democracy, pluralism and market economics.
Subject to the same conditions, the purpose of the Bank may also be
carried out in (i) Mongolia; and in member countries of the Southern and
Eastern Mediterranean; and (iii) a limited number of member countries of
sub-Saharan Africa; in each case under (ii) and (iii) as determined by the
Bank upon the affirmative vote of not less than two-thirds of the Governors,
representing not less than three-fourths of the total voting power of the
members. Accordingly, any reference in this Agreement and its annexes to
“Central and Eastern European countries”, “countries from Central and
Eastern Europe”, “recipient country (or countries)” or “recipient member
country (or countries)” shall refer to Mongolia and each of such countries of
the Southern and Eastern Mediterranean and sub-Saharan Africa as well.”
a. The term “sub-Saharan Africa” as set out under Article 1 of the
Agreement shall be understood to mean the sub-Saharan Africa
region as defined by the World Bank Group.
PUBLIC