Joe Costello (Dublin Central, Labour)
Link to this: Individually | In context

Question 172: To ask the Minister for Finance the functions of the European Bank for Reconstruction and Development; the business loans which Ireland has with the bank; and if he will make a statement on the matter. [6155/10]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
Link to this: Individually | In context

The European Bank for Reconstruction and Development (EBRD) was established in 1991 to provide finance to help build market economies in the former Soviet Bloc countries following the fall of Communism. In more recent times the mandate of the Bank has been expanded to allow lending in Mongolia and Turkey. The EBRD provides project finance and equity for banks, industries and businesses, both new ventures and existing companies. It also works with publicly-owned companies to support privatisation, the restructuring of state-owned firms and the improvement of infrastructure. Ireland joined the EBRD as a founding member in 1991 but cannot borrow from the Bank in view of the Bank's mandate.