The European Bank for Reconstruction and Development (EBRD) has announced that Iraq has become its 74th member after Baghdad applied for membership in April 2018.
The European Bank has announced on its website that Iraq has become its latest member after receiving approval from the Board of Governors in October 2020. The process of transitioning to shareholder status in the Bank has now been completed. This information was stated in a report on the Bank’s website, which was translated by an unknown source.
The Bank clarified that Iraq, being a shareholder, has the option to apply to become a recipient economy category. Doing so will make them eligible to receive financial and political support from the European Bank for Reconstruction and Development. The Bank further explained that this application will be reviewed separately by the shareholders.
According to the report, the Board of Governors of the Bank agreed to amend the agreement that established the Bank during this year’s annual meeting held in the city of Samarkand. This amendment will allow the Bank to expand its operations in Iraq. Once the amendment becomes effective, the Bank will be able to respond to any request from Iraq and actively operate in the country. The Bank is all set for it.
The report noted that the decision made by the Board of Governors in Samarkand would lead to Iraq’s integration into the Bank’s southern and eastern Mediterranean region, which would strengthen its existing economic ties with the region.
The report cited the Bank’s president, Odile Renaud Basso, who expressed her delight in welcoming Iraq as a new member of the Bank. She further added that the Bank is dedicated to working with the country and is eager to start working in Iraq and utilizing its expertise to enhance the country’s economy when the time comes.
The Bank started operating in the southern and eastern Mediterranean region in 2012, beginning with Egypt, Jordan, Morocco, and Tunisia. Its activities then expanded to include Lebanon, the West Bank, and the Gaza Strip in Palestine in 2017, marking the first time it had worked in those locations. The Bank’s report highlights these developments in its report.
The report highlighted that the European Bank offers assistance to nations undergoing transitional stages. This aid is provided through a combination of investment, advisory services, and policy reform. The Bank is dedicated to developing the private sector and achieving sustainable change for a better future.
Currently, the Bank’s efforts are focused on supporting Ukraine and promoting environmentally friendly, digital, and inclusive economies in member states.
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