Report on the proposal for a decision of the European Parliament and of the Council on amendments to the Agreement Establishing the European Bank for Reconstruction and Development (EBRD) extending the geographic scope of EBRD operations to the Southern and Eastern Mediterranean

(COM(2011)0905 – C7-0523/2011 – 2011/0442(COD))

This report, by Slavi BINEV (NI, BG) was written for and adopted by the Committee on Economic and Monetary Affairs. It is about the amendments to the Agreement Establishing the European Bank for Reconstruction and Development (EBRD) extending the geographic scope of EBRD operations to the Southern and Eastern Mediterranean.

A summary of the main amendment is as follows:

The expansion of the EBRD to the Southern and Eastern Mediterranean stands as an expression of the European Community’s hopes that the Arab Spring will enable that region to move towards democracy and pluralistic market economies.

It is requested that the Governor of the EBRD provide annual reports on the EBRD’s progress towards fostering energy-efficient, socially-inclusive market economies, as well as any new agreements signed with donors for cooperation funds or special funds in favour of those countries.

Furthermore, the EBRD shall be encouraged to:

- Make technical assessments of political and economic climates of the countries concerned

- Implement the most prudent banking and anti-fraud practices

- Draw up clear financial plans regarding its activities in the Southern and Eastern Mediterranean

- Strengthen the work of the Audit Committee of the EBRD and the Office of the Chief Compliance Officer and tighten controls to prevent secrecy by the beneficiaries or the use of tax havens

- To not undertake activities that conflict with Union policies on civic and human rights

- To increase the use of renewable energy and energy-efficient technologies and have a long-term plan drawn up by 2013

- Provide information on the EBRD’s website regarding beneficiaries of its funds, the impact of its financial intermediary operations and evaluations of projects.

The European Parliament voted to approve the report on the 13th June 2012 with 565 for, 83 against and 31 abstentions.

To read the report click here

Alternatively visit the website at www.europarl.europa.eu

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