§ Mr. MeacherTo ask the Secretary of State for Foreign and Commonwealth Affairs if he will give the total budget of the European Bank for Reconstruction and Development and the British contribution by financial year since its formation.
§ Mr. Lennox-BoydThe European bank for reconstruction and development was inaugurated in April 1991. The information is as follows:
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Budget (ecu million) 1991 106.2 1992 111.2 1993 139.9 Members of the bank do not contribute directly to the budget; rather, they contribute to the bank's operating capital in direct proportion to their shareholding. The British shareholding is 8.5 per cent. worth 851.75 mecu, with a paid-in element of 30 per cent. over five years. Half is paid in cash and half in non-negotiable non-interest bearing promissory notes which are drawn down over three years. To date British capital subscription payments have been:
Capital subscription Financial year £stg million 1991–92 21.6 1992–93 31.8 As host country to the European bank for reconstruction and development, the British Government have additionally provided a grant of £40 million over three years to assist the European bank for reconstruction and development with the costs of establishing itself in London. This grant will be drawn down as follows:
Recipient country Membership date Borrowings committed 1991 (mecu) Borrowings committed 1992 (mecu) Amounts disbursed 1992 (mecu) Albania 18 December 1991 8.26 — Armenia 7 December 1992 — — Belarus 10 June 1992 — 32.03 0.32 Bulgaria 15 April 1991 — 107.51 CSFR 15 April 1991 — 227.08 41.01 Estonia 28 February 1992 — 70.45 Georgia 26 May 1992 — — Hungary 15 April 1991 98.21 150.9 65.08 Kyrgyzstan 5 June 1992 — — Latvia 18 March 1992 — 32.3 Lithuania 5 March 1992 — 15.86 Moldova 5 May 1992 — — Poland 15 April 1991 90.58 363.48 16 13 Romania 15 April 1991 165.00 80.52 0.75 Russia 9 April 1992 14.32 156.65 2.89 Turkmenistan 1 June 1992 — — Ukraine 13 August 1992 — 2.89 Uzbekistan 30 April 1992 — — Note: (a) No amounts were due for repayment up to the end of 1992.