INTRODUCTION The European Bank for Reconstruction and Development (hereinafter,the "EBRD") is the first international financial institution in the post-Cold War era.It was established in 1991 in response to major changes in the political and economic climate in the central and Eastern Europe,and it was created to support the development of market in those regions therein. On May 29,1990,forty countries (incl.thirty-one European countries and nine non-European countries),the Commission of the European Communities,and the European Investment Bank signed the Agreement Establishing European Bank for Reconstruction and Development (hereinafter,the "EBRD Agreement").Based in London,the EBRD began its operations in April 1991.It is owned by sixty-one countries and two intergovemmental organizations (the EU and the European Investment Bank).