Iraq has joined the European Bank for Reconstruction and Development (EBRD), becoming the 74th country to contribute to the bank after applying for membership in April 2018.
According to an article on the European Bank’s website, translated by Shafaq News Agency, Iraq has become the bank’s newest member, after the Board of Governors accepted its participation in October 2020, and the process of converting to shareholder status in the bank has now concluded.
The bank added that Iraq, as a shareholder, might seek to become a beneficiary economy category and therefore benefit from the European Bank for Reconstruction and Development’s financial and political assistance, adding that this application will be examined by the bank.
According to the report, during the bank’s annual meeting this year in Samarkand, the Board of Governors agreed to amend the agreement establishing the bank to allow the expansion of the bank’s operations in Iraq, adding that once the amendment takes effect, the bank will be able to follow up on any request from Iraq to become an active country. The bank is involved.
According to the newspaper, the Board of Governors’ decision in Samarkand also implies incorporating Iraq into the bank’s southern and eastern Mediterranean area, with which Iraq has substantial commercial ties.
According to the bank’s report, its operation in the southern and eastern Mediterranean area began in 2012, notably in Egypt, Jordan, Morocco, and Tunisia. In 2017, it expanded its operations to Lebanon, the West Bank, and the Gaza Strip in Palestine.
The report concluded by noting that the European Bank assists countries in transition through a combination of investment, advisory services, and policy reform, in addition to the Bank’s focus on developing the private sector and achieving sustainable change for a better future.
He also stated that the bank is presently focused its efforts on assisting Ukraine and assisting member countries’ economy in becoming more environmentally friendly, digital, and inclusive.