Are MDBs Actually Implementing Reforms?
Center for Global Development
Multilateral institutions
European Bank for Reconstruction and Development
ShareholderInternational · Europe, Central Asia, Mediterranean, Iraq and selected sub-Saharan African countries
A Treasury-held multilateral shareholding. The UK also funds programmes and guarantees through other departments, so the institution has more than one UK financial relationship.
- UK ownership or participation
- €2.900bn subscribed · page checked 16 Sep 2026
- Lead department or body
- HM Treasury
- UK voting rights
- Current percentage not yet verified
- Mandate
- Investment supporting market economies and private enterprise.
UK financial position
UK total capital subscription€2.900bnPage checked 16 Sep 2026
Official shareholder listing; total subscription includes callable and paid-in components.
Underlying source ↗UK callable capital€2.0bn31 Mar 2026
Rounded Treasury disclosure; contingent, not paid cash.
Underlying source ↗Additional capital still payable€275m31 Mar 2026
Outstanding portion of the 34,360-share subscription; instalments began April 2025.
Underlying source ↗Accounting values, paid-in capital and funding commitments have different meanings and reporting dates. These figures are not added together.
Ownership and accountability
HM Treasury leads the shareholding; the Chancellor is the UK Governor. EBRD has a UK Board Director office. FCDO also supports specific programmes and guarantees.
Research hub
3 publications relevant to EBRD · Institution-specific research shown first
Maximising the developmental impact of MDB callable capital: project findings and path forward
ODI
Boosting MDBs’ investing capacity: An Independent Review of Multilateral Development Banks’ Capital Adequacy Frameworks
G20 Capital Adequacy Frameworks Expert Panel
News and announcements
View in News and announcements →- Treasury reports its EBRD and AIIB financial interests ↗
The annual accounts show €275m remained payable at March 2026 under the additional share subscription. The annual accounts report a £562m shareholding value and explain the separate callable-capital obligation.
View AIIB profile → - UK confirms £20m for MIGA and £5m for EBRD Ukraine insurance ↗
A parliamentary answer confirmed funding to expand political-risk and violence insurance for investment projects in Ukraine. Treasury reported funding for a complementary war-risk insurance initiative for firms already operating in Ukraine.
View MIGA profile →