Finance Minister Brunner elected Chairman of the Board of Governors of the European Bank for Reconstruction and Development Brunner succeeds Portuguese finance minister
With its financial resources, the European Bank for Reconstruction and Development plays a central role in the reconstruction of Ukraine. The EBRD is one of the most important development banks alongside the World Bank. Finance Minister Magnus Brunner was elected Chair of the Board of Governors of the European Bank for Reconstruction and Development last night. Magnus Brunner's term of office began with yesterday's election and will run for 1 year - until the next annual meeting, which is planned to be held in Samarkand, Uzbekistan. The Board of Governors, on which each shareholder is represented, provides the Bank's ultimate leadership. Brunner succeeds the current Portuguese finance minister and former Lisbon mayor, Fernando Medina.
“Reconstruction requires international coordination. Supporting Ukraine is not only a major concern for us because of the solidarity with the people in the country, but also makes a lasting contribution to stability in Europe," said Finance Minister Magnus Brunner.
The EBRD's shareholders are 71 countries, the European Union and the European Investment Bank. Each shareholder is individually represented on the Board of Governors, a body that provides supreme governance of the bank.
The aim is to promote the economic transformation process in the former communist Central and Eastern European countries (e.g. Estonia, Latvia, Lithuania, Hungary, the Czech Republic, Slovakia, Poland, Albania, Bosnia and Herzegovina, Kosovo, Croatia, Montenegro, North Macedonia, Serbia and Slovenia) and the "Commonwealth of Independent States" (e.g. Armenia, Azerbaijan, Belarus, Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan, Turkmenistan and Uzbekistan). The aim is to support the development towards a market economy with private entrepreneurial activities.