From the Document: "The European Bank for Reconstruction and Development (EBRD), the first international financial institution of post-Cold War Europe, was founded in 1991 to ease the path of the former communist countries of Central and Eastern Europe (CEE) and the former Soviet Union from planned to free-market economies. Its geographic area has expanded over time and, today, the EBRD finances projects in 37 countries throughout Europe, the Middle East, and Central Asia. In October 2021, Algeria became the 73rd member of the EBRD. The United States is a founding member of the EBRD and is the single largest shareholder with a 10% share of the Bank's capital. U.S. membership in the EBRD is authorized by P.L. [Public Law] 101-513, the 'European Bank for Reconstruction and Development Act' (22 U.S.C. [United States Code] §290l et seq.). The EBRD is headquartered in London, United Kingdom. The Bank was originally designed to function differently than other multilateral development banks in two key ways: first, it was given a political mandate to support democracy; and second, it was designed to support the development of the private sector in the former communist countries. Changes in Europe over the past two decades were viewed to make both mandates less pressing, leading the Bank to expand its membership. Russia's expanded war on Ukraine, some argue however, underscores the importance of the EBRD maintaining robust operations in Eastern and Central Europe. EBRD President Odile Renaud-Basso, former Director General of the French Treasury, was elected in October 2020 for a four-year term."
CRS In Focus, IF11419
Congressional Research Service: https://crsreports.congress.gov/