DUSHANBE, May 15, 2013, Asia-Plus — Deputies of Tajikistan’s lower house (Majlisi Namoyandagon) of parliament have unanimously endorsed amendments to the Agreement Establishing the European Bank for Reconstruction and Development (EBRD).
A regular sitting of the fourth session of the Majlisi Namoyandagon of the fourth convocation, presided over by its head, Shukurjon Zuhurov, was held on May 15.
Speaking at the session, Abdujabbor Shirinov, the head of the National bank of Tajikistan (NBT) noted that one of the amendments enables EBRD to operate in Tunisia, Morocco and Egypt and another amendment allows the use of special funds in recipient countries and potential recipient countries.
The Agreement Establishing the European Bank for Reconstruction and Development was signed in Paris on 29 May 1990. The Agreement entered into force on 28 March 1991.
Founded in 1991, the European Bank for Reconstruction and Development (EBRD) uses the tools of investment to help build market economies and democracies in 30 countries from Central Europe to Central Asia. Its mission was to support the formerly communist countries in the process of establishing their private sectors. By the seventh meeting, representatives of 40 nations and two European institutions had reached agreement on the bank”s charter, its initial size, and the distribution of power among shareholders.
Headquartered in London, the EBRD is now owned by 64 countries and two intergovernmental institutions. Despite its public sector shareholders, it invests mainly in private enterprises, usually together with commercial partners.
EBRD provides project financing for banks, industries and businesses, both new ventures and investments in existing companies. It also works with publicly owned companies to support privatization, restructuring state-owned firms and improvement of municipal services.
The EBRD’s mandate stipulates that it must only work in countries that are committed to democratic principles. The EBRD is directed by its founding agreement to promote, in the full range of its activities, environmentally sound and sustainable development.
