The impact of The European Bank for Reconstruction and Development on the economies of The Eurasian Economic Union member states: a project approach (part one)

Abstract

Purpose: employing the author’s technique, for the first time, this article analyzes the European Bank for Reconstruction and Development (EBRD) projects signed in the member states of the Eurasian Economic Union (EAEU) from 1991 to 2018. Discussion: we examine how the EBRD influences its countries of operations, dynamics and general indicators of business activities of the EBRD in Armenia, Belarus, Kazakhstan, Kyrgyz Republic and Russia. Results: we used the EBRD data complemented by media sources to compose the project database that comprises 1573 EBRD operations in five countries of the EAEU. In the first part of this article, we analyze how the EBRD’s projects are distributed by size, industry and sponsors. The second part of the article focuses on the EBRD’s investment projects that we divide into operations with local sponsors, foreign investors, government-controlled companies and sub-sovereign operations, business under frameworks including trade finance, sovereign projects, as well as technical cooperation programmes.