"To the best of our knowledge": How to improve the transparency and accountability of intermediated EBRD investments in three steps

Disbursing public money via private-sector controlled financial intermediaries (FIs) is a means to an end: reaching a larger set of smaller beneficiaries. It has its strong rationale, in particular when it comes to renewable energy projects that, in contrast to traditional energy projects, tend to be smaller in size and dispersed over larger areas. Nevertheless, these financial means must not contravene the ends that multilaterals such as the EBRD have in their mandate or the standards prescribed by their policies.