Provides financial and political support.. The European Bank (EBRD) welcomes Iraq’s membership

Provides financial and political support.. The European Bank (EBRD) welcomes Iraq’s membership

2023-11-16 05:10

Provides financial and political support.. The European Bank EBRD welcomes Iraqs membershipShafaq News/ The European Bank for Reconstruction and Development (EBRD) announced that Iraq has joined it, becoming the 74th country contributing to the bank after Baghdad had applied for membership in April 2018.

The European Bank stated in a report on its website, translated by Shafaq News Agency, that Iraq has become the newest member of the bank, after the Board of Governors approved its membership in October 2020, while the process of transitioning to shareholder status in the bank has now ended.

The bank explained that Iraq, as a shareholder, can apply to become a recipient economy category, and can thus benefit from the financial and political support provided by the European Bank for Reconstruction and Development, indicating that this application will be reviewed by the shareholders in a separate process.

The report stated that during the bank’s annual meeting this year in the city of 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 enters into force, the bank will be in a position to follow up on any request from Iraq to become an active country. The bank is in it.

The report pointed out that the decision of the Board of Governors in Samarkand also means integrating Iraq into the bank’s southern and eastern Mediterranean region, with which Iraq has strong economic relations.

The report quoted the bank’s president, Odile Renaud Basso, as saying, “I am pleased to welcome Iraq as a member of the bank. We are fully committed to dealing with the country, and when the time comes, we look forward to starting work in Iraq and applying our expertise to develop its economy.”

The bank’s report pointed out that its activity in the southern and eastern Mediterranean region began for the first time in the year 2012, specifically in Egypt, Jordan, Morocco, and Tunisia. Then, in 2017, its activities extended to Lebanon, the West Bank, and the Gaza Strip in Palestine.

The report concluded by noting that the European Bank provides support to countries undergoing transitional stages, through a combination of investment, advisory role and policy reform, in addition to the Bank’s focus on developing the private sector and achieving sustainable change for a better future.

He added that the bank is currently focusing its efforts on supporting Ukraine, and helping the economies of member states transform into a more environmentally friendly, digital and inclusive manner.