1. Capital Projects and the EBRD. The European Bank for Reconstruction and Development (EBRD) was established to "foster the transition. towards open market-oriented economies and to promote private and entrepreneurial initiative in the countries of central and eastern Europe and the Commonwealth of Independent States (CIS) com- mitted to and applying the principles of multiparty democracy, pluralism and market economics." Use the EBRD Web site to determine which projects and companies EBRD is currently undertaking. European Bank for Reconstruction and Development http://www.ebrd.org