The Financial Report 2018 includes the approved and audited financial statements required to be submitted under Article 27 of the Agreement Establishing the European Bank for Reconstruction and Development and Section 13 of its By-Laws.

The EBRD is a multilateral bank that promotes the development of the private sector and entrepreneurial initiative in 38 economies across three continents. The Bank is owned by 67 countries as well as the EU and the EIB. EBRD investments are aimed at making the economies in its regions competitive, well-governed, green, inclusive, resilient and integrated.


EBRD Annual Bank Investment 2014-181

€ billion

Realised profit for the year before impairment 2014-182

€ billion

Financial results 2014-18

€ million
Net profit/(loss) before transfers of net income approved by the Board of Governors340772992802(568)
Transfers of net income approved by the Board of Governors(130)(180)(181)(360)(155)
Net profit/(loss) after transfers of net income approved by the Board of Governors210592811442(723)
Realised profit before impairment606634649949927
Paid-in capital6,2156,2116,2076,2026,202
Reserves and retained earnings10,0689,9619,3518,5047,947
Total members’ equity16,28316,17215,55814,70614,149


Operational results 2014-18

Number of projects3395412378381377
Annual Bank Investment4(€ million)9,5479,6709,3909,3788,853
Annual mobilised investment5 (€ million)1,4671,0541,6932,3361,177
of which private direct mobilisation1,0596691,4012,1381,014
Total project value6 (€ million)32,57038,43925,47030,30320,796

1 Volume of commitments made by the Bank during the year. This includes (i) new commitments (less any amount cancelled or syndicated within the year); (ii) restructured commitments; and (iii) trade finance (TFP) amounts issued during the year and outstanding at year-end.

2  Realised profit before impairment is before unrealised fair value adjustments to share investments, provisions, loan write-offs, other unrealised amounts and transfers of net income.

3  The number of projects to which the Bank made commitments in the year.

4  Commitments made by the Bank in the year to finance investment operations, including to restructured operations, less cancellations or sales of such commitments within the same year.

5  Annual mobilised investment is the volume of commitments from entities other than the Bank made available to the client due to the Bank’s direct involvement in mobilising external financing during the year.

6  Total project value is the total amount of finance provided to a project, including both EBRD and non-EBRD finance, and is reported in the year in which the project first signs. EBRD financing may be committed over more than one year with “Annual Bank Investment” reflecting EBRD finance by year of commitment. The amount of finance to be provided by non-EBRD parties is reported in the year the project first signs.