EBRD Approves Membership of Benin and Cote d’Ivoire, Expands Operations to Sub-Saharan Africa

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EBRD
EBRD

AFRICA: The shareholders of the EBRD have approved the applications of Benin and Cote d’Ivoire to become members of the multilateral financial institution. The two countries 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. However, the two countries will have to meet some final pre-membership requirements before the process is concluded.

The move follows the approval of amendments to the bank’s statutes to enable limited and incremental expansion of its operations to sub-Saharan Africa and Iraq. The EBRD’s president, Odile Renaud-Basso, said that the bank is happy to welcome Benin and Cote d’Ivoire as its latest members and looks forward to them becoming countries of operation as well. This reflects the shareholders’ strategic objectives for sub-Saharan Africa and the value the bank can bring there.

The applications of Benin and Cote 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. The bank’s goal, together with other international partners, will be to help unleash the potential of the countries’ private sectors, create jobs, and support sustainable development.

Since its inception in 1991, the EBRD has invested almost EUR190 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.

In conclusion, the EBRD’s approval of the membership of Benin and Cote d’Ivoire marks a significant step in the bank’s expansion to sub-Saharan Africa. The bank’s goal is to help unleash the potential of the countries’ private sectors, create jobs, and support sustainable development.

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