EBRD Clears Path for First-Ever Expansion into Sub-Saharan Africa and Iraq

EBRD Clears Path for First-Ever Expansion into Sub-Saharan Africa and Iraq

(IN BRIEF) The EBRD has secured the necessary shareholder approval to amend its statutes and expand operations into select sub-Saharan African countries and Iraq. This move, set to take effect in three months, follows the approval of the amendment by the Board of Governors in 2023. The decision paves the way for the Bank’s first activities in the region and aligns with its upcoming 34th Annual Meeting in London, themed “Expanding Horizons, Enduring Strengths.” Iraq, Benin, Côte d’Ivoire, and Nigeria are already shareholders, with more countries in the membership pipeline. The expansion underscores the EBRD’s mission to promote private-sector development and sustainable change in transitioning economies.

(PRESS RELEASE) LONDON, 23-Apr-2025 — /EuropaWire/ — The European Bank for Reconstruction and Development (EBRD) has reached a historic milestone with shareholder approval of a key amendment to its founding statutes, enabling the institution to begin operations in selected countries in sub-Saharan Africa and in Iraq. This amendment to Article 1—defining the Bank’s operational scope and mission—will officially take effect in three months.

This development follows the Board of Governors’ initial approval of the expansion in 2023 and represents a pivotal shift in the EBRD’s geographical reach. With this change, the Bank is poised to support new markets through investments, policy reform, and advisory services that aim to build robust private sectors and promote sustainable economic growth.

The announcement arrives as the Bank prepares to host its 34th Annual Meeting from 13 to 15 May 2025 at its London headquarters in Canary Wharf. Themed Expanding Horizons, Enduring Strengths, the event marks the first Annual Meeting in London since 2016 and signals a new phase in the EBRD’s journey.

“This amendment marks a significant step in our evolution as a development bank,” said EBRD President Odile Renaud-Basso. “It unlocks the ability for us to deliver our unique blend of investments and reforms in new regions, beginning with sub-Saharan Africa and Iraq.”

The EBRD has already welcomed Iraq, Benin, Côte d’Ivoire, and Nigeria as new shareholders, while Kenya, Ghana, and Senegal are currently navigating the membership process. Upon formal accession, these countries must receive the Board of Governors’ approval to become recipient countries of EBRD operations.

With 75 national shareholders, plus the European Union and the European Investment Bank, the EBRD is now positioned to channel its private-sector-driven model of development into new frontier markets, delivering innovation, financial expertise, and long-term support where it is needed most.

Media contact:
Email: media@ebrd.com

SOURCE: EBRD