• Bank’s shareholders have granted recipient country status to Benin, Côte d’Ivoire, and Nigeria
• Ghana, Kenya, and Senegal are undergoing the membership process
• Iraq is in the process of becoming a country of operation

The shareholders of the European Bank for Reconstruction and Development (EBRD) have granted recipient country status to Benin, Côte d’Ivoire, and Nigeria. This will come into effect once the required amendment to the Bank’s founding treaty comes into force in July 2025. The Bank will launch its investments in the three countries shortly thereafter.

The EBRD will bring its distinct private-sector focused, locally based business model to unlock access to finance, promote local businesses and foster sustainable and long-term growth, contributing to the transformation of these three economies.

Ghana, Kenya, and Senegal are undergoing the membership process and, once finalised, will begin proceedings to become countries of operation.

Iraq became a shareholder of the Bank in April 2024 and is in the process of becoming a country of operation.

EBRD President Odile Renaud-Basso said: “We are delighted to welcome Benin, Côte d’Ivoire, and Nigeria today as countries of operations. We are looking forward to launching our activities there swiftly and establishing official representations in these countries. The EBRD will leverage its financial resources and expertise to boost the countries’ economies and provide new opportunities to their people, complementing the work of existing development partners.”

At the EBRD’s 2023 Annual Meeting in Samarkand, the Board of Governors approved amendments to Article 1 of the Agreement Establishing the EBRD, enabling a limited and incremental expansion of its operations to sub-Saharan Africa and Iraq. The required threshold of shareholder acceptance was met in April 2025 with the amendment entering into force three months later (in July 2025).

The EBRD now has 75 national shareholders in addition to the European Union and the European Investment Bank. 

The EBRD supports countries in transition, using a combination of investment, advisory work and policy reform. It focuses on developing the private sector and bringing sustainable change, leaving an enduring legacy for a better future.

The post EBRD’s Strategic Investment Initiative: Boosting Economic Growth in Sub-Saharan Africa appeared first on NRI News.

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.

The post EBRD Approves Membership of Benin and Cote d’Ivoire, Expands Operations to Sub-Saharan Africa appeared first on NRI News.