The shareholders of the European Bank for Reconstruction and Development (EBRD) have approved a new member of this financial institution - the United Arab Emirates (UAE), Report informs referring to the EBRD statement.
The UAE government applied for EBRD membership in September 2020, expressing its wish to contribute to the bank’s operations. The EBRD started investing in the southern and eastern Mediterranean region in 2011 and today is active in Egypt, Jordan, Lebanon, Morocco, and Tunisia, as well as the West Bank and Gaza.
We welcome the UAE becoming a new member of our bank and thank our shareholders for their decision. The UAE is an important business and knowledge hub, and its membership will benefit many of the economies where the EBRD invests and will open up further opportunities across our regions, EBRD President Odile Renaud-Basso said.
The Governors are the highest authority representing the EBRD’s existing 71 shareholders, which currently comprise 69 countries and two international organizations, the European Union and the European Investment Bank.
Azerbaijan has been a member of the EBRD since 1992. During the period of cooperation, the bank approved the allocation of loans worth 3.4 billion euros to Azerbaijan to implement 175 projects. The bank’s active portfolio in Azerbaijan includes 36 projects for which 1.25 billion euros were allocated.