EBRD Welcomes Iraq As Its Latest Member

(MENAFN- Iraq Business News) By John Lee.

Iraq has become the latest member of the European Bank for Reconstruction and Development (EBRD) .

The bank recently approved amendments to its statutes to enable the limited and incremental expansion of its operations to Iraq.

Full statement from EBRD:

Iraq has become the latest member of the European Bank for Reconstruction and Development (EBRD), bringing its total number of shareholders to 74.

Iraq originally submitted a request to join the Bank in April 2018 and the Board of Governors approved its membership in October 2020 . The process of becoming a shareholder is now concluded.

As a shareholder, Iraq can apply to become a recipient economy, thereby benefiting from the EBRD's finance and policy support. Such a request would be reviewed by shareholders in a separate process.

At this year's EBRD Annual Meeting in Samarkand, the Board of Governors approved an amendment to the Agreement Establishing the Bank to allow the expansion of the Bank's operations to Iraq. Once the amendment is in force, the Bank will be in a position to take forward any request from Iraq to become a country of operation.

The Governors' Resolution in Samarkand also folded Iraq into the Bank's southern and eastern Mediterranean (SEMED) region, to which the country has strong economic links.

EBRD President Odile Renaud-Basso (pictured), said: "I am delighted to welcome Iraq as a member of the Bank. We are fully committed to engaging with the country. When the time comes, we are looking forward to starting work in Iraq, applying our expertise to developing its economy."

The Bank first started to operate in the SEMED region in 2012, launching activities in Egypt , Jordan , Morocco and Tunisia . In 2017, operations were extended to Lebanon and the West Bank and Gaza .

The EBRD now has 72 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 Bank is currently focusing its efforts on supporting Ukraine, while helping all of its economies to become greener, more inclusive and more digital.

(Source: EBRD)

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