European Bank for Reconstruction and Development (EBRD)

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About European Bank for Reconstruction and Development (EBRD):

It is an international financial institution with the mandate to promote transition towards a sustainable, open market economy and to foster innovation.
The EBRD was created in April 1991to help Eastern European and ex-Soviet countries transitioning into democracies by developing free-market economies after the fall of communism.
Headquarters: London
It provides project financing mainly for private enterprises, usually together with other commercial lending partners, in countries that are committed to, and apply, democratic principles.
It also works with public partners to support privatisation, restructuring and improvement of municipal services.
It prioritizes support for countries in Central and West Asia, and North Africa.
It focuses on advancing developmental goals in finance and policy reform.
The organization also promotes environmentally sustainable development and gender equality and promises to be fully transparent.
Membership: It is publicly owned by shareholders in 69 countries. India became the EBRD’s 69th shareholder when it joined the Bank in July 2018.

Q1) What are free-market economies?

The free market is an economic system based on supply and demand with little or no government control. It is a summary description of all voluntary exchanges that take place in a given economic environment. Free markets are characterized by a spontaneous and decentralized order of arrangements through which individuals make economic decisions.

Source: EBRD pledges more support for Ukraine with capital boost