Kolubara: Financier EBRD

With its headquarters in London, the European Bank for Reconstruction and Development is an international financial institution owned by 64 (mostly European) countries. Its mandate is to promote private sector development and open market economies.

The EBRD has given millions in loans to the Electric Power Industry of Serbia over the past decade and is considering financing a new lignite-fired power plant, Kolubara B. Development banks like the EBRD and the World Bank have been criticized in recent years for continuing to finance large coal projects while also committing to tackle climate change.