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Representation in the European Bank for Reconstruction and Development



  • Belgium
  • Luxembourg
  • Slovenia

Belgian representatives

tel. +44 20 7 338 6436
e-mail :

tél. +44 20 7 338 7070
e-mail :


David Avarello has been providing advisory service for public entities for the past 2 decades. After starting off his career as an Advisor at a Western European Financial Institution he joined the Office of the Belgian Finance Minister and Deputy-Prime Minister as an in house Advisor focusing primarily on Financial Markets’ regulation and the active management of Public Participations.

He then moved to the European Bank for Reconstruction and Development as an Advisor to the Belgian Director and gained notably deeper insight into CEE Emerging economies and eastern European markets.

At the outset of the financial crisis in 2008 Mr Avarello supported the newly formed Banking Sector Steering Committee in Brussels set up to assist the Belgian government in his rescue actions and later, its Policy responses to the banking crisis whilst continuing his mission at the EBRD.

Mr Avarello was appointed Senior Economic and Financial Adviser to the Prime Minister of Belgium in 2014. During this period, David notably led the negotiations, on behalf of Belgium, on the Greek sovereign crisis. David also chaired the Board of the National Committee for Pension Reforms (public sector) for the period 2016-2017.

Mr Avarello was instrumental in setting up and delivering a new State Participations Management Policy and acted as a lead on several large Capital Markets transactions on behalf of the Belgian State.  

He has been serving as Executive Member of the Board of the EBRD since June 2017 and has chaired the Operation Committee of the Bank for the period 2018-2019

Mr Avarello holds a Post-Graduate Degree in Finance and QE from the University of London (UCL), Birkbeck School of Economics (UK), a Master’s Degree in European Law from the University of Gent (Belgium) and a Degree in Law from the University of Liège (Belgium).

Biography Bruno Debergh

Since July 2019, Bruno Debergh is the Belgian Director’s Advisor at the European Bank for Reconstruction and Development (EBRD) for the Constituency composed of Belgium, Luxembourg and Slovenia.

After several years at the Ministry of Agriculture, where he was responsible for following and monitoring issues related to the Single Market project, Bruno Debergh joined in 1994 the Debt Department of the Belgian Treasury. His responsibilities there were, amongst others, foreign currency funding and associated derivative transactions, pricing financial contracts and the design of a credit risk management system.

From October 1998 up to July 2019, Bruno was Deputy Director for Strategy and Risk Management at the Belgian Debt Agency, where he supervised a small team which formulates the annual strategy for the Belgian public debt and which monitors the market and credit risk inherent in managing that debt.

Over the years Bruno Debergh has done a number of consulting missions related to debt management for institutions such as the World Bank, the IMF and the European Commission. And he has regularly advised a number of Belgian public institutions – Finexpo, NIRAS and the General Administration of Taxation - in matters of finance and risk management.

Bruno Debergh holds a Master in German Philology from the University of Ghent and a Special Master in Economics from the University of Brussels.