A bank, owned by 60 countries and two intergovernmental institutions, established in 1991 to jumpstart private-sector activity in the former Eastern Bloc and Soviet Union. Its mandate says that it works only in countries that are committed to democratic principles and that have respect for the environment. The EBRD is now the single largest investor in the region. The EBRD provides project financing for banks, industries, and businesses. This includes both new ventures and investments in existing companies. It also works with publicly-owned companies to support privatization, the restructuring of state-owned firms, and the improvement of municipal services. The EBRD also promotes strong financial institutions and legal systems and strong corporate governance, structure, and reforms. It also promotes co-financing and direct investment and provides technical assistance.