Prelims 7570

Consider following statements about the European Bank of Reconstruction and Development (EBRD):
1. It is owned by EU member states.
2. It also supports countries outside Europe.
Select the correct answer using the code given below:
1 only
2 only
Both 1 and 2
Neither 1 nor 2
Explanation :
About EBRD:
The European Bank for Reconstruction and Development (EBRD) is an international financial institution founded in 1991.
As a multilateral developmental investment bank, the EBRD uses investment as a tool to build market economies.
Initially focused on the countries of the former Eastern Bloc, it expanded to support development in many  countries from central Europe to central AsiA.
The EBRD works with the private sector and also local governments in the provision of services and infrastructure across nations – with projects ranging from transport provision to agribusiness, heating, waste management, to renewable energy.
The EBRD’s largest shareholder is currently the U.S., while other G7 nations also hold significant stakes. Others including China, the U.S., U.K., and France are stakeholders, whose companies are able to invest in EBRD projects, but do not receive financing for domestic projects.
The EBRD is not to be confused with the European Investment Bank (EIB), which is owned by EU member states and is used to support EU policy.