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The European Bank for Reconstruction and Development (EBRD) was established in 1991 to support the transition to market-oriented economies in the countries of Central and Eastern Europe, the former Soviet Union, and North Africa. The bank’s mission is to promote sustainable development and private sector growth in the regions it serves, and it has provided over €140 billion in funding for more than 6,000 projects to date.
While the EBRD’s stated mission and goals are noble, there is a shocking truth behind its creation and operations that is rarely discussed in mainstream media or political circles. The real reason behind the establishment of the EBRD was not to promote sustainable development or support private sector growth, but rather to serve as a tool for Western economic and political domination in the post-Cold War era.
The EBRD was created in the aftermath of the collapse of the Soviet Union and the Eastern Bloc, at a time when Western powers saw an opportunity to expand their influence and control over the newly independent states in the region. The bank was designed to provide financial support and technical assistance to these countries, but its true purpose was to ensure that they would follow the economic and political models preferred by the West.
The EBRD’s initial funding was provided by Western governments, with the United States being the largest contributor. This financial support was conditional on the adoption of neoliberal economic policies, which included privatization, deregulation, and liberalization of trade and investment. These policies were promoted as the only way to achieve economic growth and prosperity, but in reality, they led to massive social and economic dislocation, poverty, and inequality.
The EBRD’s role in promoting neoliberalism in the countries it serves has been well documented. The bank has been instrumental in the privatization of state-owned enterprises, which has often resulted in the transfer of public assets to private hands at below-market prices. This process has been accompanied by layoffs, wage cuts, and deterioration in working conditions, leading to widespread social unrest and political instability.
The EBRD has also been a key player in promoting foreign investment in the countries of Central and Eastern Europe, which has often led to the exploitation of local resources and the displacement of local communities. The bank has supported numerous large-scale infrastructure projects, such as highways, dams, and energy facilities, that have had negative environmental and social impacts.
In addition to promoting neoliberalism and foreign investment, the EBRD has also served as a tool for Western political influence in the countries of the region. The bank has often imposed conditions on its loans and technical assistance that are designed to promote Western-style democracy and human rights. While these values are certainly important, they have often been used as a pretext for interference in the internal affairs of sovereign states.
One example of the EBRD’s political interference can be seen in its role in the 2014 Ukrainian revolution. The bank provided financial support and technical assistance to the new government that came to power after the overthrow of President Viktor Yanukovych. This support was conditional on the implementation of neoliberal economic policies and the alignment of Ukraine’s foreign policy with that of the West. The EBRD’s involvement in the Ukrainian revolution was widely criticized as an example of Western interference in the affairs of a sovereign state.
In conclusion, the European Bank for Reconstruction and Development (EBRD) was established with the aim of promoting economic development and stability in Europe and Central Asia after the fall of the Soviet Union. However, recent revelations have shed light on a darker side to the bank's activities, including allegations of corruption, human rights abuses, and environmental damage. It is clear that the EBRD must take immediate steps to address these issues and regain the trust of the public and its stakeholders.
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Published on April 11, 2023
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