BAKU, Azerbaijan, November 16. Iraq has officially joined the European Bank for Reconstruction and Development (EBRD), becoming the 74th shareholder, Trend reports via the Bank.
The request for membership, submitted by Iraq in April 2018, was approved by the Board of Governors in October 2020, marking the completion of the shareholder process.
As a shareholder, Iraq has the opportunity to apply as a recipient economy, enabling access to the EBRD's financial resources and policy support. Any such request would undergo a separate review process by shareholders.
During this year's EBRD Annual Meeting in Samarkand, the Board of Governors sanctioned an amendment to the Bank's Agreement, permitting the expansion of operations to Iraq. Once this amendment takes effect, the Bank will be able to consider Iraq's request to become a country of operation.
Iraq has also been incorporated into the Bank's southern and eastern Mediterranean (SEMED) region at the Governors' Resolution in Samarkand, aligning with the country's significant economic ties to the region.
Odile Renaud-Basso, President of the EBRD, expressed delight at Iraq's membership, emphasizing the Bank's commitment to engaging with the country. Renaud-Basso looks forward to initiating collaborative efforts to contribute to Iraq's economic development.
The EBRD initially entered the SEMED region in 2012, commencing operations in Egypt, Jordan, Morocco, and Tunisia. Subsequently, in 2017, activities were extended to Lebanon and the West Bank and Gaza. Presently, the EBRD boasts 72 national shareholders in addition to the European Union and the European Investment Bank.