become important actors of the economic recovery response. As for the European Bank for Reconstruction and Development, it has committed €21 billion between 2020 and 2021 of activities. More precisely, its own package was established within the scope of the Resilience Framework, the Trade Facilitation Programme and the Vital Infrastructure Support Programme etc. In 2020 alone, it has invested €11 billion as part of 411 projects which corresponds to a 10% raison compared to 2019. 72% of its investments were received by the private sector. Moreover, because of this specific context, the EBRD focused some of its operations in sectors other than green investment meaning that it only focused 29% of its investment in this domain (compared to 46% in 2019). Financing Donors According to the EBRD 2020 Sustainability Report, donors provided €589 million to support EBRD activities, taking the form of grants, loans and risk-mitigating instruments. The EBRD funds come mainly from bilateral donors, from the Climate Investment Funds (CIF), the European Union (EU), the Global Environment Facility (GEF), and the Green Climate Fund (GCF). Financial operations According to the EBRD, the bank provides different direct financial instruments such as loans, equity investments and guarantees. It also works on the assistance of SMEs through the intermediary of other banks or investment and venture capital funds which are linked to the EBRD’s investments. Steps leading to a loan Each project is analysed, first by the EBRD management with the negotiations and the subsequent signing of a mandate letter drafting the important information about the project plan, the expected expenses as well as the responsibilities. Secondly, the project is to be finally reviewed by the management. Later on, it is submitted to the Board of Directors for approval. After being signed for both parties, it becomes legally binding. It leads to the transfer of funds from the EBRD to the client which will in the future start to repay the Bank’s loan. Environmental sustainability The EBRD is unique among development banks for two reasons. First, it was the first multilateral development bank to have an explicit environmental mandate in its charter (since 1995), and second, in that it will not finance thermal coal mining and coal-fired electricity generation due to their environmental impact. The following table shows the development of investment volume into the Green Economy Transition (GET) approach, in support of the Paris climate goals. The EBRD had pledged, prior