Libya has joined the European Bank for Reconstruction and Development (EBRD) as its latest shareholder with a view to becoming a country where the Bank engages with investments and support for policy reforms.
The North African country became a shareholder in the EBRD today when membership formalities were successfully concluded. This follows the Bank’s Board of Governors’ decision in 2014 to approve Libya’s membership application.
EBRD President, Sir Suma Chakrabarti (pictured), said:
“We are glad to welcome Libya as a shareholder and look forward to future successful cooperation.”
Any future decision to grant recipient country status to Libya will be taken separately by the Bank’s shareholders following an assessment of the political, economic and operational environment in the country.
Libya is within the EBRD’s southern and eastern Mediterranean (SEMED) region, where the Bank has been investing since 2012. It already invests in Egypt, Jordan, Lebanon, Morocco, Tunisia and West Bank and Gaza.
With the inclusion of Libya, the number of EBRD shareholders now totals 71, including 69 countries from across five continents as well as the European Union and the European Investment Bank.