ABSTRACT
Two decades after the fall of the Berlin Wall, the EBRD had begun to invest in a new range of countries located on the borders of the European Union and across the Mediterranean Sea. The addition of these countries—Turkey, Egypt, Jordan, Tunisia, Morocco, Cyprus and Greece—increased the population in the Bank’s ambit by more than two-thirds. The Bank’s operational compass had swung significantly towards the south. But it was events related to Russia that made this shift decisive.
