Exhibit (d)(iv)

EU MiFID II 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 eligible counterparties and professional clients only, each as defined in Directive 2014/65/EU (as amended, “EU MiFID II”); 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 EU MiFID II 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 EU MiFID II. Consequently, the Issuer does not qualify as an “investment firm”, “manufacturer” or “distributor” for the purposes of EU MiFID II.
 
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 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.

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
 
16 January 2026
 
European Bank for Reconstruction and Development
MXN 2,000,000,000 Callable Zero Coupon Notes due 20 January 2038 (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 the 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.
 
1
SUMMARY OF THE NOTES
 
1
Specified Currency:
  
Mexican Peso (“MXN”), the lawful currency of The United Mexican States, subject to the provisions set out in Annex B hereto
       
2
Nominal Amount:
  
MXN 2,000,000,000
       
3
Type of Note:
  
Zero Coupon
       
4
Issue Date:
  
20 January 2026
       
5
Issue Price:
  
31.86 per cent. of the Nominal Amount
       
6
Maturity Date:
  
20 January 2038, subject to the Redemption at Issuer’s option provisions below, subject to the provisions set out in Annex B hereto
       
7
Fungible with existing Notes:
  
No
       
FORM OF THE NOTES
 
8
Form of Note:
  
Registered
       
9
New Global Note:
  
No
       
10
Specified Denomination:
  
MXN 200,000
       
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:
  
Not Applicable
       
16
Fixed Rate Notes:
  
Not Applicable
       
17
Zero Coupon Notes:
  
Applicable
       
 
(a)      Accrual Yield:
  
10.00 per cent. per annum
       
 
(b)      Reference Price:
  
31.86 per cent. of the Nominal Amount

2
 
(c)         Other formula or basis for determining Amortised
            Face Amount:
  
Not Applicable
       
 
(d)        Business Day Convention:
  
Following Business Day
       
 
(e)        Day Count Fraction in relation to Early Redemption
            Amounts and late payment:
  
Conditions 5(d)(iii) and 5(h) apply
       
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, Mexico City shall be the principal financial centre. London and New York City shall be additional business centres, subject to the provisions set out in Annex B hereto
       
20
Dual Currency Notes:
  
Not Applicable
       
21
Physically Settled Notes:
  
Not Applicable
       
PROVISIONS REGARDING REDEMPTION/MATURITY
 
22
(a)        Redemption at Issuer’s option:
  
Yes
The Issuer has the right to redeem the Notes (in whole but not in part) on an Optional Redemption Date at the Optional Redemption Amount (each as defined below) by giving notice to the Agent of such redemption not less than five (5) Business Days (as defined below) prior to the relevant Optional Redemption Date.
The Agent shall give notice of such redemption to the holders of the Notes as soon as practicable, but in any event not later than two (2) Business Days thereafter in accordance with Condition 5(b) (except that the timing of such notice as referred to therein shall be amended as set out above).
 
Where:
“Business Day” means any day 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 London, Mexico City and New York City.
 
“Optional Redemption Amount” means in respect of each Note, the Specified Denomination multiplied by the percentage as set out in Annex A (Optional Redemption Schedule) in the column entitled “Optional Redemption Amount” corresponding to the relevant Optional Redemption Date.
 
“Optional Redemption Date” means each date as set out in Annex A (Optional Redemption Schedule), subject to adjustment in accordance with the Following Business Day Convention.

3
 
(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 per cent. per Specified Denomination and subject to the Redemption at Issuer’s option provisions above and subject to the provisions set out in Annex B 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 B hereto.
       
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:
  
Goldman Sachs International
Plumtree Court
25 Shoe Lane
London
EC4A 4AU
United Kingdom
       
28
Date of Syndication Agreement:
  
Not Applicable
       
29
Stabilising Manager(s):
  
Not Applicable
       
30
Additional selling restrictions:
  
Not Applicable
       
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:
  
326961922
       
 
ISIN Code:
  
XS3269619220
       
 
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 London Stock Exchange plc’s Regulated Market.

4
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
       
36
Additional Information:
  
The provisions set out in Annex B shall apply to the Terms and Conditions in accordance herewith.
       
37
Total Commissions:
  
Not Applicable
 
This Pricing Supplement comprises the pricing supplement required for issue and admission to trading on the London Stock Exchange plc’s Regulated Market 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 20 January 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 headings “EU MiFID II product governance / Professional investors and ECPs only target market” and “UK MiFIR product governance / Professional investors and ECPs only target market”.
 
For and on behalf of
EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT
 
By:
 /s/ Stefan Filip
 
Authorised signatory
  

5
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 London Stock Exchange plc’s Regulated Market with effect from 20 January 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”) and an AAA credit rating from Fitch Ratings Ltd. (“Fitch”). 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.
     
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 MXN 637,200,000.00) will be included in the ordinary capital resources of the Issuer and used in its ordinary operations.
     
 
(ii)          Estimated net proceeds:
MXN 637,200,000.00
     
 
(iii)         Estimated total expenses:
£4,000
     
5
HISTORIC INTEREST RATES
   
 
Not Applicable
   
6
PERFORMANCE OF INDEX/FORMULA/OTHER VARIABLE, EXPLANATION OF EFFECT ON VALUE OF INVESTMENT AND ASSOCIATED RISKS AND OTHER INFORMATION CONCERNING THE UNDERLYING
   
 
Not Applicable
   
7
PERFORMANCE OF RATES OF EXCHANGE AND EXPLANATION OF EFFECT ON VALUE OF INVESTMENT
   
 
Not Applicable
 
6
Annex A
Optional Redemption Schedule
 
Optional
Redemption
Date
Redemption Price
20 January 2027
35.05%
20 January 2028
38.55%
20 January 2029
42.41%
20 January 2030
46.65%
20 January 2031
51.32%
20 January 2032
56.45%
20 January 2033
62.09%
20 January 2034
68.30%
20 January 2035
75.13%
20 January 2036
82.64%
20 January 2037
90.91%

7
Annex B
Settlement, Disruption and Fallback Provisions

All payments in respect of the Notes will be made in MXN, subject to the occurrence of a Settlement Disruption Event that results in any payment being made on a the Postponed Maturity Date or the Postponed Early Redemption Date and will in all cases be subject to any fiscal or other laws applicable thereto.

If the Calculation Agent determines (in its sole discretion acting in good faith and in a commercially reasonable manner) that a Settlement Disruption Event has occurred and is subsisting during a Determination Period:

  A.
The Calculation Agent shall notify the Issuer and the Agent of its determination promptly after making such determination (but in no event later than 11:00 a.m. London time one Business Day after the last day of the relevant Determination Period) whereupon the Agent shall promptly thereafter (but in no event later than one Business Day after receipt of the notice from the Calculation Agent) notify the Noteholders thereof (in accordance with Condition 13 of the Notes), and

B.
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 Settlement Disruption Event no longer subsists (in accordance with the paragraph below) and (ii)  the Postponed Maturity Date, or the Postponed Early Redemption Date, as the case may be.

If a Settlement Disruption Event no longer subsists on or before 5:00 p.m. London time on the fourth Business Day preceding the relevant the Postponed Maturity Date, or the Postponed Early Redemption Date (as the case may be), the Calculation Agent shall notify the Issuer and the Agent thereof promptly on or after the Business Day on which such Settlement Disruption Event no longer subsists (but in no event later than one Business Day thereafter) whereupon the Agent shall promptly thereafter (but in no event later than one Business Day after receipt of the aforementioned notice from the Calculation Agent) notify the Noteholders thereof (in accordance with Condition 13 of the Notes).

If any amount is to be paid on Postponed Maturity Date or the Postponed Early Redemption Date (as the case may be), regardless of whether a Settlement Disruption Event is still subsisting at such time, payment shall be made in United States Dollars (“USD”) and shall be calculated by the Calculation Agent (and promptly notified to the Agent and the Issuer (but in no event later than two Business Days before the Postponed Maturity Date or the Postponed Early Redemption Date (as the case may be)) in an amount per Specified Denomination which shall be produced by the following provisions, such amount to be rounded to the nearest whole cent (with USD 0.005 being rounded upwards):

Relevant MXN Amount ÷ Reference Rate

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 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 Postponed Maturity Date or Postponed Early Redemption Date (as appropriate) because of the operation of the provisions of this Annex.

Following a determination by the Calculation Agent (in its sole discretion acting in good faith and in a commercially reasonable manner) that a Settlement Disruption Event has occurred during a Determination Period and that it subsists at 5:00 p.m. London time on the fourth Business Day preceding the the Postponed Maturity Date, or the Postponed Early Redemption Date (as the case may be), any amount payable shall be made in USD in accordance with the provisions set out above.

8
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 MXN Amount and the purchase of USD at or about 2:00 p.m. London time on the day falling two Business Days prior to 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 London, Mexico City and New York City;

“Calculation Agent” means Goldman Sachs International in accordance with the provisions of the Calculation Agency Agreement entered into between the Issuer and the Calculation Agent dated 3 November 2006 (as amended and/or supplemented from time to time). All references to the Calculation Agent shall include any successor or successors to Goldman Sachs International as Calculation Agent in respect of the Notes;

“Determination Period” means (i) in relation to the Maturity Date, the period which falls between ten and three Business Days (inclusive) preceding the Maturity Date, as adjusted in accordance with the Following Business Day Convention; and (ii) in relation to any Early Redemption Date, the period which falls between ten and three Business Days (inclusive) preceding any Early Redemption Date, as adjusted in accordance with the Following Business Day Convention, as the case may be;

“Postponed Early Redemption Date” means the tenth Business Day following the originally scheduled Early Redemption Date (if any);

“Postponed Maturity Date” means the tenth Business Day following the originally scheduled Maturity Date;

“Reference Dealers” means leading dealers, banks or banking corporations, which regularly deal in the USD/MXN exchange market, as selected by the Calculation Agent in its sole discretion, acting in good faith and in a commercially reasonable manner;

“Reference MXN Amount” means an amount that is no greater than the Relevant MXN Amount multiplied by N, where “N” means the number obtained by dividing the Nominal Amount outstanding by the Specified Denomination;

“Reference Rate” means the lowest of such firm quotes (expressed in MXN per one USD) as the Calculation Agent is able to obtain from Five Reference Dealers at or about 2:00 p.m. London time for the sale of the Reference MXN Amount and the purchase of USD on the day falling two Business Days prior to 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, 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 MXN Amount at or about 2:00 p.m. London time at the Best Execution Rate, following which such Best Execution Rate shall be the Reference Rate.

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;

9
“Relevant MXN Amount” means the MXN amount per Specified Denomination which would have been payable on the relevant date if a Settlement Disruption Event had not occurred; and

“Settlement Disruption Event” means any of the events specified under (i) and (ii) below, as determined by the Calculation Agent in its sole discretion, acting in good faith and in a commercially reasonable manner:

 (i)
the imposition of laws or regulations by the relevant central banking authority or other legislative, governmental or regulatory authority of United Mexican States which: (a) require non-residents of United Mexican States to obtain permission from such central banking authority or other authority to obtain MXN, or (b) otherwise restrict a non-resident’s ability to obtain MXN, or (c) otherwise regulate the purchase or holding of MXN such that costs are imposed in obtaining MXN which would not be imposed in the absence of such regulations, or (d) has the direct or indirect effect of hindering, limiting or restricting the transfer of MXN from United Mexican States to recipients resident in another country;

(ii)
Euroclear and/or Clearstream, Luxembourg suspend or cease acceptance of MXN as a settlement currency.


10