EBRD approves membership of Benin and Côte d’Ivoire

The shareholders of the European Bank for Reconstruction and Development (EBRD) have approved applications by Benin and Côte d’Ivoire to become members of the multilateral financial institution.

The authorities of Benin and Côte d’Ivoire 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. The two countries will have to meet some final pre-membership requirements before the process is concluded.

The move follows the Governors’ approval – at the EBRD’s 2023 Annual Meeting in Samarkand – of amendments to the Bank’s statutes to enable the limited and incremental expansion of its operations to sub-Saharan Africa and Iraq.

The applications of Benin and Côte 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.

EBRD President Odile Renaud-Basso said: “We are very happy to welcome Benin and Côte d’Ivoire as our latest members and look forward to them becoming countries of operation as well. This reflects our shareholders’ strategic objectives for sub-Saharan Africa and the value the Bank can bring there. Together with other international partners, our goal will be to help unleash the potential of the countries’ private sectors, create jobs and support sustainable development.”

Since its inception in 1991, the Bank has invested almost €190 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.