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European Bank for Reconstruction and Development

Treasury written question – answered on 29th January 2020.

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Photo of Jon Trickett Jon Trickett Shadow Minister (Cabinet Office), Shadow Lord President of the Council

To ask the Chancellor of the Exchequer, whether his Department receives an analysis and evaluation of all the projects that the European Bank for Reconstruction and Development invests in.

Photo of Jon Trickett Jon Trickett Shadow Minister (Cabinet Office), Shadow Lord President of the Council

To ask the Chancellor of the Exchequer, what role his Department played in supporting the European Bank for Reconstruction and Development’s decision to invest in the Amulsar gold mine in Armenia.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

The relationship between the European Bank for Reconstruction and Development (EBRD) and Her Majesty’s Government is regulated through the Agreement Establishing the EBRD, which entered into force on 28 March 1991. This document can be found here: https://www.ebrd.com/news/publications/institutional-documents/basic-documents-of-the-ebrd.html

The Chancellor of the Exchequer is the UK Governor for the EBRD. All prospective projects are reviewed and scrutinised by the EBRD in line with the Bank’s standard project process, and this analysis is provided to shareholders ahead of Board of Directors discussion and approval.

The UK assesses all projects to ensure that they meet the EBRD’s mandate and have the highest environmental and social standards. EBRD’s most recent assessment is that the project has the highest categorisation under the Bank’s Environmental and Social Policy.

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