Set up in 2016 with €250 million and expanded in 2018 by a further €700 million of EBRD funds, EBRD Green Cities has mobilized significant co-finance, including €87 million from the Green Climate Fund (GCF) for concessional funding, as well as technical cooperation from the GCF and several bilateral donors. With the new funding, more than €2 billion will be dedicated to supporting EBRD Green Cities.
The successful program has already grown to include 43 cities and aims to expand to 100 by 2024.
The European Bank for Reconstruction and Development (EBRD) was established in 1991 by 40 countries and two international organizations to support market economies and democracy in 34 countries, from Central Europe to Central Asia. As an international organization, the EBRD enjoys a number of privileges, such as the legal immunity of its employees.
Like the IBRD, the EBRD attracts funds through the issuance of bonds. A feature of the EBRD's operations is the widespread attraction of funds in the national currencies of Eastern European countries, including the Russian ruble.
