The Board of Governors of the European Bank for Reconstruction and Development (EBRD) has approved amendments to the Bank’s statutes to enable the limited and incremental expansion of its operations to sub-Saharan Africa and Iraq.

The decision, taken at the EBRD’s 2023 Annual Meeting in Samarkand, reflects the growing economic links between the Bank’s current countries of operations and sub-Saharan Africa and Iraq and its potential for developing the private sector in those economies.

“This is a very important moment for the Bank,” EBRD President Odile Renaud-Basso said. “Our distinct business model provides real added value which can complement the work of existing development partners and accelerate transition in sub-Saharan Africa and Iraq. This decision also reaffirms our shareholders’ commitment to the global development agenda.”

Source: ebrd.org