September 01, 2002

European Bank for Reconstruction and Development Issues New Property Policy

For the full policy and their summary of public comments, please see:

https://www.ebrd.com/new/index.htm

The final Property Policy accepted certain changes suggested by ITDP and CEE Bankwatch. These include an increased focus on brownfield redevelopment and corporate governance, agreeing to have the Environmental Appraisal Unit review the current environmental protocols to be used when doing due diligence on property projects, and a more careful assessment of their lending’s impacts on small business.

We were disappointed that the increased lending for residential real estate development is not better targeted to low-income beneficiaries and the reconstruction of deteriorating housing estates.

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