Legal provisions of COM(2024)42 - Subscription by the EU to additional shares in the capital of the European Bank for Reconstruction and Development (EBRD) and amending the Agreement establishing the EBRD as regards the extension of the geographic scope of EBRD operations to sub-Saharan Africa and Iraq in a limited and incremental manner, and removing the statutory capital limitation on ordinary operations - Main contents
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| dossier | COM(2024)42 - Subscription by the EU to additional shares in the capital of the European Bank for Reconstruction and Development (EBRD) and ... |
|---|---|
| document | COM(2024)42 |
| date | April 24, 2024 |
Article 1
The Union shall subscribe to 12 102 additional shares of EUR 10 000 each in the EBRD pursuant to Resolution 265 of the Board of Governors of the EBRD on or before 30 June 2025, or such subsequent date not later than 31 December 2025 as the Board of Directors of the EBRD may determine on or before 30 June 2025.
The subscription shall be paid in five instalments, the first of which shall be paid by the later of (i) 30 April 2025; or (ii) 60 days after the instrument of subscription by the Union has become effective. The remaining four instalments shall be paid by 30 April 2026, by 30 April 2027, by 30 April 2028 and by 30 April 2029, respectively.
Article 2
The Governor of the EBRD representing the Union shall deposit the requisite instrument of subscription on behalf of the Union.
Article 3
The amendments to Article 1 of the Agreement establishing the EBRD to allow the limited and incremental extension of the geographic scope of its operations to sub-Saharan Africa and Iraq and to Article 12.1 thereof to remove the statutory capital limitation are approved on behalf of the Union.
Article 4
The Governor of the EBRD representing the Union shall, on behalf of the Union, communicate to the EBRD the Declaration of Acceptance of the amendments.
Article 5
As part of the annual report to the European Parliament the Governor of the EBRD representing the Union shall also report on the EBRD’s activities and operations in the sub-Saharan Africa and Iraq.
Article 6
This Decision shall enter into force on the third day following that of its publication in the Official Journal of the European Union.