Exhibit (d)(iv)

UK MiFIR product governance / Professional investors and ECPs only target market:
 
Solely for the purposes of the manufacturer's product approval process, the target market assessment in respect of the Notes has led to the conclusion that: (i) the target market for the Notes is only eligible counterparties, as defined in the FCA Handbook Conduct of Business Sourcebook (“COBS”), and professional clients only, as defined in Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended (“UK MiFIR”); and (ii) all channels for distribution of the Notes to eligible counterparties and professional clients are appropriate. Any person subsequently offering, selling or recommending the Notes (a “distributor”) should take into consideration the manufacturer's target market assessment; however, a distributor subject to the FCA Handbook Product Intervention and Product Governance Sourcebook (the “UK MiFIR Product Governance Rules”) is responsible for undertaking its own target market assessment in respect of the Notes (by either adopting or refining the manufacturer's target market assessment) and determining appropriate distribution channels.
 
For the purposes of this provision, the expression “manufacturer” means the Dealer.

European Bank for Reconstruction and Development (the “Issuer”) does not fall under the scope of application of UK MiFIR. Consequently, the Issuer does not qualify as an “investment firm”, “manufacturer” or “distributor” for the purposes of UK MiFIR.
 
Pricing Supplement
 
18 June 2026
 
European Bank for Reconstruction and Development
 KZT 14,500,000,000 15 per cent. Notes due 22 June 2027 (payable in United States Dollars) (the
“Notes”)
issued pursuant to the European Bank for Reconstruction and Development EUR 60,000,000,000
Global Medium Term Note Programme for the issue of notes
 
PART A – CONTRACTUAL TERMS
 
Terms used herein shall be deemed to be defined as such for the purposes of the Conditions set forth in the Offering Circular dated 3 July 2012, as supplemented by the Supplementary Offering Circulars dated 22 July 2019 and 13 June 2024 (together, the “Offering Circular”). This Pricing Supplement must be read in conjunction with such Offering Circular. Full information on the Notes is only available on the basis of the combination of this Pricing Supplement and the Offering Circular. The Offering Circular is available for viewing and copies may be obtained from the Issuer at 5 Bank Street, London, E14 4BG, United Kingdom.
 
SUMMARY OF THE NOTES
 
1
Specified Currency:
Kazakh Tenge (“KZT”), the lawful currency of the Republic of Kazakhstan, provided that all payments in respect of the Notes will be made in United States dollars (“USD”) subject to the provisions set out in Annex A hereto
   
 
2
Nominal Amount:
KZT 14,500,000,000
   
 
3
Type of Note:
Fixed Rate
   
 
4
Issue Date:
22 June 2026

1
5
Issue Price:
  
99.419 per cent. of the Nominal Amount
       
6
Maturity Date:
  
22 June 2027, subject to the provisions set out in Annex A hereto
       
7
Fungible with existing Notes:
  
Not Applicable
 
FORM OF THE NOTES
 
8
Form of Note:
  
Registered
       
9
New Global Note:
  
No
       
10
Specified Denomination:
  
KZT 100,000
       
11
Exchange of Bearer Notes:
  
Not Applicable
       
12
(a)    Talons for future Coupons to be attached to definitive Bearer Notes:
  
Not Applicable
       
 
(b)      Date(s) on which the Talons mature:
  
Not Applicable
       
13
(a)      Depositary for and registered holder of Registered Global Note:
  
Registered Global Note to be deposited with a common depositary for Euroclear and Clearstream, Luxembourg and registered in the name of Citivic Nominees Limited as nominee for the common depositary.
       
 
(b)      Exchange of Registered Global Note:
  
Registered Global Note will only be exchangeable for definitive Registered Notes upon 45 days’ written notice in the limited circumstances as described on page 42 of the Offering Circular.
       
PROVISIONS RELATING TO INITIAL PAYMENT
       
14
Partly Paid Notes:
  
No
       
PROVISIONS RELATING TO INTEREST
       
15
Interest Commencement Date:
  
22 June 2026
       
16
Fixed Rate Notes:
    
       
 
(a)      Fixed Rate of Interest:
  
15 per cent. per annum payable semi-annually in arrear. The amount of interest payable per Specified Denomination on each Fixed Interest Date (the “Interest Amount”) shall be payable in USD and calculated as detailed in Annex A hereto.
       
 
(b)      Fixed Interest Dates:
  
22 June and 22 December in each year, from 22 December 2026, up to and including the Maturity Date, subject to adjustment in accordance with the Business Day Convention specified below and subject to the provisions set out in Annex A hereto
       
 
(c)      Initial Broken Amount per Specified Denomination:
  
Not Applicable
       
 
(d)      Final Broken Amount per Specified Denomination:
  
Not Applicable

2
 
(e)      Fixed Day Count Fraction:
  
Actual/Actual (ICMA)
       
 
(f)       Business Day Convention:
  
Following Business Day Convention
       
 
(g)    Business Day definition if different from that in Condition 4(a)(iii):
  
Condition 4(a)(iii) applies and, for the avoidance of doubt, Almaty shall be the principal financial centre. London and New York City shall be additional business centres
       
 
(h)     Calculation of interest to be adjusted in accordance with Business Day Convention specified above:
  
No
       
17
Zero Coupon Notes:
  
Not Applicable
       
18
Floating Rate Notes and Indexed Notes:
  
Not Applicable
       
PROVISIONS REGARDING PAYMENTS/DELIVERIES
       
19
Definition of “Payment Day” for the purpose of Condition 6(e) if different to that set out in Condition 6:
  
Condition 6(e) applies and, for the avoidance of doubt, Almaty shall be the principal financial centre; London and New York City shall be additional business centres, subject to the provisions set out in Annex A hereto
       
20
Dual Currency Notes:
  
Not Applicable
       
21
Physically Settled Notes:
  
Not Applicable
       
PROVISIONS REGARDING REDEMPTION/MATURITY
       
22
(a)      Redemption at Issuer’s option:
  
No
       
 
(b)      Redemption at Noteholder’s option:
  
No
       
23
(a)     Final Redemption Amount per Specified Denomination (other than an Indexed or Formula Note where the index or formula applies to the redemption amount):
  
100.00 per cent. per Specified Denomination, payable in USD, subject to the provisions set out in Annex A hereto
       
 
(b)      Final Redemption Amount for each Indexed Note where the Index or Formula applies to the Final Redemption Amount:
  
Not Applicable
       
24
Instalment Note:
  
Not Applicable
       
25
Early Redemption Amount for each Note payable on an event of default:
  
Condition 5(d) applies, subject to the provisions set out in Annex A hereto

3
DISTRIBUTION, CLEARING AND SETTLEMENT PROVISIONS
       
26
Method of distribution:
  
Non-syndicated
       
27
If Syndicated, names and addresses of Managers or, if Non-Syndicated name and address of the Dealer:
  
Barclays Bank PLC
1 Churchill Place
London
E14 5HP
United Kingdom
       
28
Date of Syndication Agreement:
  
Not Applicable
       
29
Stabilising Manager(s):
  
Not Applicable
       
30
Additional selling restrictions:
  
Republic of Kazakhstan
 
The Dealer has agreed that it will not, directly or indirectly, offer for subscription or purchase or issue invitations to subscribe for or buy or sell the Notes or distribute any draft or definitive document in relation to any such offer, invitation or sale in the Republic of Kazakhstan, except in compliance with the applicable securities laws of the Republic of Kazakhstan. Each investor should seek advice from its own consultants in respect of any specific investment limitations that may apply to each such investor as a matter of Kazakhstan law.
       
31
Details of additional/alternative clearing system approved by the Issuer and the Agent:
  
Not Applicable
       
32
Intended to be held in a manner which would allow Eurosystem eligibility:
  
No
       
33
Common Code:
  
341596262
       
 
ISIN Code:
  
XS3415962623
       
 
CUSIP Number:
  
Not Applicable
       
34
Listing:
  
Application will be made by the Issuer (or on its behalf) for the Notes to be admitted to the Official List of the UK Financial Conduct Authority and to be admitted to trading on the Regulated Market of the London Stock Exchange plc
       
35
In the case of Notes denominated in the currency of a country that subsequently adopts the euro in accordance with the Treaty establishing the European Community, as amended by the Treaty on European Union, whether the Notes will include a redenomination clause providing for the redenomination of the Specified Currency in euro (a “Redenomination Clause”), and, if so specified, the wording of the Redenomination Clause in full and any wording in respect of redenominalisation and/or consolidation (provided they are fungible) with other Notes denominated in euro.
  
Not Applicable

4
36
Additional Information:
  
The provisions set out in Annex A hereto shall apply to the Terms and Conditions in accordance herewith
       
37
Investment Considerations
  
Notes are not liquid Instruments
 
There may exist at times only limited markets for the Notes resulting in low or non existent volumes of trading in the Notes and such obligations, and therefore a lack of liquidity and price volatility of the Notes.
 
Kazakh Tenge Exchange Risk
 
The Final Redemption Amount, Early Redemption Amount (if applicable) and the Fixed Interest Amount on the Notes are linked to the USD/KZT exchange rate which may be volatile and will affect the return to the holder of the Notes. The National Bank of Kazakhstan can from time to time intervene in the foreign exchange market. These interventions or other governmental actions could adversely affect the value of the Notes payable in USD, as well as the actual yield (in USD terms) on the Notes and the amounts payable on the Notes. Even in the absence of the governmental action directly affecting currency exchange rates, political or economic developments in Kazakhstan or elsewhere could lead to significant and sudden changes in the exchange rate between KZT and USD.
       
38
Total Commissions:
  
Not Applicable
 
This Pricing Supplement comprises the pricing supplement required for issue and admission to trading on the Regulated Market of the London Stock Exchange plc of the Notes described herein pursuant to the EUR 60,000,000,000 Global Medium Term Note Programme of European Bank for Reconstruction and Development as from 22 June 2026, or as soon as practicable thereafter.
 
RESPONSIBILITY

The Issuer accepts responsibility for the information contained in this Pricing Supplement other than the information contained under the heading “UK MiFIR product governance / Professional investors and ECPs only target market”. Annex B has been extracted from Bloomberg. The Issuer confirms that such information has been accurately reproduced and that, so far as it is aware, and is able to ascertain from information published by Bloomberg, no facts have been omitted which would render the reproduced information inaccurate or misleading.
 
5
For and on behalf of
EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT
 
By:
 /s/ Giulia Franzutti

Authorised signatory

6
PART B – OTHER INFORMATION

1
LISTING
  
Application will be made by the Issuer (or on its behalf) for the Notes to be admitted to the Official List of the UK Financial Conduct Authority and to trading on the Regulated Market of the London Stock Exchange plc with effect from 22 June 2026 or as soon as practicable thereafter. No assurance can be given that such listing and admission to trading will be obtained on such date, or, if obtained, that it will be maintained.
       
2
RATINGS
  
The Issuer and/or its debt obligations have been assigned an AAA credit rating from S&P Global Ratings Europe Limited (“S&P”), an Aaa credit rating from Moody’s Investors Service Ltd. (“Moody’s”), an AAA credit rating from Fitch Ratings Ltd. (“Fitch”) and an AAA credit rating from Scope Ratings GmbH (“Scope”). As defined by S&P, an “AAA” rating means that the ability of the Issuer to meet its financial commitment on its obligations is extremely strong. As defined by Moody’s, an “Aaa” rating means that the Issuer’s ability to meet its financial obligations is judged to be of the highest quality, with minimal credit risk. As defined by Fitch, an “AAA” rating denotes the lowest expectation of credit risk and means that the Issuer has an exceptionally strong capacity for timely payment of its financial commitments. As defined by Scope, an “AAA” rating means that the Issuer is of exceptionally strong credit quality.
       
3
INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE
   
 
Save as discussed in the section headed “Subscription and Sale” in the Offering Circular, so far as the Issuer is aware, no person involved in the offer of the Notes has an interest material to the offer.
   
4
REASONS FOR THE OFFER, ESTIMATED NET PROCEEDS AND TOTAL EXPENSES
   
 
(i)     Reasons for the offer:
  
The net proceeds of the issue of the Notes (which are expected to be KZT 14,415,755,000.00 but payable in USD in the amount of USD 29,382,131.14) will be included in the ordinary capital resources of the Issuer and used in its ordinary operations.
       
 
(ii)    Estimated net proceeds:
  
KZT 14,415,755,000.00 (which, for the avoidance of doubt, will be paid in USD in the amount of USD 29,382,131.14)
       
 
(iii)   Estimated total expenses:
  
£8,000
       
5
YIELD
   
 
Indication of yield:
  
15.65 per cent. per annum.
       
      As set out above, the yield is calculated at the Issue Date on the basis of the Issue Price. It is not an indication of future yield.

7
6
HISTORIC INTEREST RATES
   
 
Not Applicable
   
7
PERFORMANCE OF INDEX/FORMULA/OTHER VARIABLE, EXPLANATION OF EFFECT ON VALUE OF INVESTMENT AND ASSOCIATED RISKS AND OTHER INFORMATION CONCERNING THE UNDERLYING
   
 
Not Applicable
   
8
PERFORMANCE OF RATES OF EXCHANGE AND EXPLANATION OF EFFECT ON VALUE OF INVESTMENT
   
 
Certain historical information in respect of the USD/KZT foreign exchange rate is set out in Annex B (Historical Data) hereto. In the circumstances described in Annex A hereto, the amount of principal and/or interest received by the holders of the Notes is affected by the USD/KZT foreign exchange rate. Information in respect of the USD/KZT foreign exchange rate can be found on the Reference Page or a Replacement Page (each as defined in Annex A).
 
8
ANNEX A
 
The Final Redemption Amount per Specified Denomination or the Early Redemption Amount per Specified Denomination will be payable in USD on the Maturity Date or the Early Redemption Date, as applicable, and will be determined by the Calculation Agent (in its sole discretion, acting in good faith and in a commercially reasonable manner) as follows, on the corresponding Rate Fixing Date:
 
Specified Denomination / Reference Rate on the applicable Rate Fixing Date, rounded to the nearest cent with USD 0.005 being rounded up.
 
The Interest Amount per Specified Denomination will be payable in USD on each Fixed Interest Date and determined by the Calculation Agent (in its sole discretion, acting in good faith and in a commercially reasonable manner) as follows, on the corresponding Rate Fixing Date:
 
Specified Denomination x Fixed Rate of Interest x Fixed Day Count Fraction / Reference Rate on the applicable Rate Fixing Date, rounded to the nearest cent with USD 0.005 being rounded up
 
The Calculation Agent shall promptly (but in no event later than 5:00 p.m. London time on the relevant Rate Fixing Date) notify the Issuer and the Agent of its determination of the Final Redemption Amount per Specified Denomination, the Early Redemption Amount per Specified Denomination and the Interest Amount payable per Specified Denomination on the Maturity Date, the Early Redemption Date or the relevant Fixed Interest Date (as applicable). The Agent shall in turn promptly (but in no event later than 11:00 a.m. London time on the Business Day immediately following the day when such determination is made) inform the Noteholders thereof (in accordance with Condition 13 of the Notes).
 
If the Reference Rate is not available for any reason on the Reference Page or a Replacement Page on any Rate Fixing Date, then the Calculation Agent shall determine that a price source disruption event (a “Price Source Disruption Event”) has occurred, and shall promptly after making such determination (but in no event later than 5:00 p.m. London time on the day when such determination is made) inform the Issuer and the Agent of such occurrence, whereupon the Agent shall promptly (but in no event later than 11:00 a.m. London time on the Business Day immediately following the day when such determination is made) inform the Noteholders thereof (in accordance with Condition 13 of the Notes).
 
Following the determination of the occurrence of a Price Source Disruption Event, the Noteholders will not be entitled to any amounts in respect of the Notes until the earlier to occur of (i) the day falling two Business Days after the day on which the Issuer is notified by the Calculation Agent that a Price Source Disruption Event no longer subsists, and (ii) the Postponed Fixed Interest Date, the Postponed Maturity Date, or the Postponed Early Redemption Date, as the case may be.
 
If, at close of business in London on the ninth Business Day following the original Rate Fixing Date, the Reference Rate is still unavailable on the Reference Page or a Replacement Page, then the Reference Rate shall be the lowest of such firm quotes (expressed in KZT per one USD) as the Calculation Agent is able to obtain from five Reference Dealers at or about 11.00 a.m. London time on the tenth Business Day following the original Rate Fixing Date for the sale of the Reference KZT Amount and the purchase of USD on the applicable Rate Fixing Date for settlement offshore on the date that is falling two Business Days thereafter, as calculated by the Calculation Agent (the “Dealer Poll”). If at least three Reference Dealers provide such firm quotes, the lowest of such quotes shall be the Reference Rate. If two or one Reference Dealers provide such a firm quote, the Reference Rate shall be the lower of the two quotes provided, or if one quote is provided, such quote. Notwithstanding the foregoing, if two or one Reference Dealers provide a firm quote, the Calculation Agent (in consultation with the Issuer) may disregard the result of such Dealer Poll and execute a transaction (or transactions) for the sale of the Reference KZT Amount at or about 11.00 a.m. London time at the Best Execution Rate, following which such Best Execution Rate shall be the Reference Rate.
 
9
If (i) no Reference Dealer provides a firm quote pursuant to the Dealer Poll, or (ii) in the event that (a) two or one Reference Dealer quotes are obtained, (b) the Calculation Agent (in consultation with the Issuer) elects to disregard the result of the Dealer Poll and (c) the Calculation Agent is unable to obtain a Best Execution Rate, then in each case, the Calculation Agent shall determine the Reference Rate in its sole discretion, acting in good faith and in a commercially reasonable manner, which may result in a USD equivalent amount calculated to be zero.
 
For the avoidance of doubt, no additional amounts shall be payable by the Issuer in respect of any delay in payment beyond the originally scheduled Fixed Interest Date, Maturity Date, or as the case may be, Early Redemption Date (in each case, as adjusted, if appropriate, in accordance with the Following Business Day Convention) to the relevant Postponed Fixed Interest Date, Postponed Maturity Date or Postponed Early Redemption Date (as appropriate) because of the operation of the provisions of this Annex.
 
For the purposes of these provisions:
 
“Best Execution Rate” means the rate at which the Calculation Agent may execute a transaction (or transactions) for the sale of the Reference KZT Amount and the purchase of USD at or about 11.00 a.m. London time on the day falling two Business Days prior to the relevant Postponed Fixed Interest Date, the Postponed Early Redemption Date (if any) or the Postponed Maturity Date (as the case may be) for settlement offshore on the date that is falling two Business Days thereafter;
 
“Business Day” means any day excluding Saturday and Sunday on which commercial banks and foreign exchange markets settle payments and are open for general business (including dealings in foreign exchange and foreign currency deposits) in Almaty, London and New York City;
 
“Calculation Agent” means Barclays Bank PLC, in accordance with the provisions of the Calculation Agency Agreement entered into between the Issuer and the Calculation Agent dated 3 October 2002 (as amended and/or supplemented from time to time). All references to the Calculation Agent shall include any successor or successors to Barclays Bank PLC as Calculation Agent in respect of the Notes;
 
“Postponed Early Redemption Date” means the tenth Business Day following the originally scheduled Early Redemption Date (if any);
 
“Postponed Fixed Interest Date” means the tenth Business Day following the originally scheduled Fixed Interest Date;
 
“Postponed Maturity Date” means the tenth Business Day following the originally scheduled Maturity Date;
 
“Rate Fixing Date” means the date which is two Business Days prior to each applicable Fixed Interest Date, the Maturity Date or the Early Redemption Date, as applicable. If a Price Source Disruption Event occurs or otherwise subsists on such day, the Rate Fixing Date shall be the earlier of (i) the Business Day on which the Issuer is notified by the Calculation Agent that a Price Source Disruption Event no longer subsists, and (ii) the tenth Business Day following the original Rate Fixing Date;
 
“Reference Dealers” means leading dealers, banks or banking corporations which regularly deal in the USD/KZT exchange market, as selected by the Calculation Agent in its sole discretion, acting in good faith and in a commercially reasonable manner;
 
“Reference Page” means www.kase.kz (or any successor page).
 
“Reference Rate” means the USD/KZT spot rate (i.e. the rate at which banks buy KZT and sell USD), expressed as the amount of KZT per one USD, as published or reported as USDKZT_TOM on the Reference Page, or where unavailable, on a Replacement Page at approximately 3.00 p.m. Almaty time, on the applicable Rate Fixing Date. In the circumstances described in this Annex in relation to a Price Source Disruption Event, the Reference Rate shall be determined by the Calculation Agent in accordance with such provisions;
 
10
“Reference KZT Amount” means an amount that is no greater than the applicable Relevant KZT Amount multiplied by N, where “N” means the number obtained by dividing the Nominal Amount outstanding by the Specified Denomination;
 
“Relevant KZT Amount” means: (i) for the Interest Amount, the Specified Denomination x Fixed Rate of Interest x Fixed Day Count Fraction; and/or (ii) for the Final Redemption Amount, the Specified Denomination; and/or (iii) for any Early Redemption Amount, the Specified Denomination, as the case may be; and
 
“Replacement Page” means the page on which a rate equivalent to the originally specified Reference Rate is published or reported, as determined by the Calculation Agent (acting in its sole discretion, in good faith and a commercially reasonable manner), when the Reference Rate is not available for any reason on the Reference Page. A rate shall be equivalent if it is produced using the same underlying data and methodology as the rate published or reported on the Reference Page and produces the same rate for the applicable Rate Fixing Date that would have been published or reported on the Reference Page if it was available on the applicable Rate Fixing Date.
 
11
ANNEX B
 
Performance of Rates of Exchange and Explanation of Effect on Value of Investment
 
The following table summarises certain historical information regarding the USD/KZT foreign exchange rate since 1 January 2021.
 
Period
High
Low
1 January 2021 – 31 December 2021
438.50
414.95
1 January 2022 – 31 December 2022
524.87
415.95
1 January 2023 – 31 December 2023
479.55
431.01
1 January 2024 – 31 December 2024
526.00
439.90
1 January 2025 – 31 December 2025
549.72
487.72
1 January 2026 – 16 June 2026
515.74
455.46
 
Source: Bloomberg
 
The delivery of this Pricing Supplement does not imply any representation on the part of the Issuer, the Calculation Agent or the Dealer or any other person that the information extracted from the source above is correct.
 
NEITHER THE ISSUER NOR THE DEALER MAKE ANY EXPRESS OR IMPLIED WARRANTY OR REPRESENTATION WHATSOEVER AS TO THE RESULTS TO BE OBTAINED FROM AN INVESTMENT IN THE NOTES. THE FOREGOING INFORMATION IS BASED UPON PUBLICLY AVAILABLE INFORMATION AS PUBLISHED BY THE APPLICABLE SOURCE. HOWEVER, NEITHER THE DEALER NOR ANY OF ITS AFFILIATES SHALL BE LIABLE (WHETHER IN NEGLIGENCE OR OTHERWISE) TO ANY PERSON FOR ANY ERROR IN THE INFORMATION SET FORTH ABOVE NOR SHALL IT OR ANY SUCH AFFILIATE BE UNDER ANY OBLIGATION TO ADVISE ANY PERSON OF ANY ERROR THEREIN.
 
Post-Issuance Information
 
The Issuer does not intend to provide any post-issuance information.
 

12