The EBRD was founded in April 1991 during the dissolution of the Soviet Union by representatives of 40 nations from 3 continents and two European institutions, the European Investment Bank (EIB) and, after reaching agreement on the bank's charter, size, and distribution of power among shareholders [REF].
In 2006, EBRD stated it would cease spending in the Baltic and central European nations by 2010, and would shift funding to Russia, Ukraine, Armenia, Kazakhstan and Uzbekistan [REF].