Benin and Côte d’Ivoire Gain Approval to Join European Bank for Reconstruction and Development (EBRD)

Benin and Côte d’Ivoire Gain Approval to Join European Bank for Reconstruction and Development (EBRD)

(IN BRIEF) The European Bank for Reconstruction and Development (EBRD) has received shareholder approval to admit Benin and Côte d’Ivoire as members of the multilateral financial institution. The applications from Benin and Côte d’Ivoire for EBRD membership, submitted in July and August 2023, have passed the initial stage of the membership process. However, both countries must fulfill specific pre-membership requirements before the process is finalized. This decision follows the Board of Governors’ endorsement of amendments to the EBRD’s statutes, allowing for limited and gradual expansion of its activities into sub-Saharan Africa and Iraq, as ratified at the 2023 Annual Meeting in Samarkand. Benin and Côte d’Ivoire have also expressed interest in receiving financial and advisory services from the EBRD, a request that will be addressed once the statutory amendments are in effect. EBRD President Odile Renaud-Basso expressed enthusiasm about welcoming the two countries as members and operational partners, highlighting the institution’s commitment to supporting sustainable development and job creation in the region. Established in 1991, the EBRD has invested nearly €190 billion in more than 6,800 projects, working on policy reforms and fostering private sector growth across over 30 economies. Its diverse investments encompass natural resources, financial institutions, agribusiness, manufacturing, infrastructure, and municipal services, including power and renewable energy projects.

(PRESS RELEASE) LONDON, 25-Oct-2023 — /EuropaWire/ — The shareholders of the European Bank for Reconstruction and Development (EBRD) have approved applications by Benin and Côte d’Ivoire to become members of the multilateral financial institution.

The authorities of Benin and Côte d’Ivoire applied for EBRD membership in July and August 2023, respectively. The Bank’s Board of Governors has now approved the first stage in the membership process. The two countries will have to meet some final pre-membership requirements before the process is concluded.

The move follows the Governors’ approval – at the EBRD’s 2023 Annual Meeting in Samarkand – of amendments to the Bank’s statutes to enable the limited and incremental expansion of its operations to sub-Saharan Africa and Iraq.

The applications of Benin and Côte d’Ivoire also included requests to become recipients of EBRD financial and advisory services, which the Bank will address once the statutory amendments are in force.

EBRD President Odile Renaud-Basso said: “We are very happy to welcome Benin and Côte d’Ivoire as our latest members and look forward to them becoming countries of operation as well. This reflects our shareholders’ strategic objectives for sub-Saharan Africa and the value the Bank can bring there. Together with other international partners, our goal will be to help unleash the potential of the countries’ private sectors, create jobs and support sustainable development.”

Since its inception in 1991, the Bank has invested almost €190 billion in 6,844 projects and supported policy reforms to develop the private sector in over 30 economies. Its investments span natural resources, financial institutions, agribusiness, manufacturing and services, as well as infrastructure projects, such as power and renewable energy, and the upgrade of municipal services.

Media Contact:

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Email: press@ebrd.com

SOURCE: EBRD