European Bank for Reconstruction and Development (EBRD) is an economic development agency based in London, United Kingdom. Established in 1991, the firm provides project financing for banks, industries, and businesses, both new ventures, and investments in existing companies. It also works with publicly owned companies. Additionally, it provides financing directly or through financial intermediaries, such as local banks and investment funds. It also provides support through business development programs that help to promote new skills in the region. The assets are managed by the board of directors.