October 12, 2017 / 3:19 PM / a year ago

Development bank EBRD says U.S. has confirmed its support

LONDON (Reuters) - The European Bank for Reconstruction and Development said on Thursday that its top shareholder, the United States, had confirmed its support for the bank and its self-financing and private sector-focused business model.

The headquarter of the European Bank for Reconstruction and Development (EBRD) is seen in London, Britain, November 22, Britain 2016. REUTERS/Stefan Wermuth

Multilateral lenders were put on alert this week when U.S. President Donald Trump’s administration raised questions about the World Bank’s finances and then said it was pulling out UNESCO, the cultural and educational agency of the United Nations.

“We saw the U.S. administration yesterday and they confirmed their support for the EBRD,” the bank’s spokesman, Jonathan Charles, said.

The United States is the biggest shareholder in the EBRD with a 10 percent stake. The London-based development bank is owned by 65 countries from five continents, as well as the European Union and the European Investment Bank.

Last year it made a 1 billion euro ($1.18 billion) profit.

Reporting by Marc Jones; Editing by Robin Pomeroy

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