LONDON: The European Bank for Reconstruction and Development (EBRD) has approved Iraq’s request to become a member of the bank on Wednesday.
Over 70 shareholders of the financial institution that promotes private sector development and sustainable growth approved the request at an annual meeting, the bank said.
Welcoming the announcement, the bank’s Acting President Jürgen Rigterink said: “We are very proud and happy that we will soon be able to welcome Iraq as our latest member. Today we have taken the first step on what we hope will be a long and successful joint journey. We are looking forward to building closer ties with Iraq.”
Iraq submitted a request for membership of the bank in April 2018 and its board of governors has now agreed to the first stage in the process.
The country will have to meet some requirements before the membership process concludes with the acquisition of shares.
Iraq's ambassador to the UK Mohammad Jaafar Al-Sadr, said: “We appreciate the Bank's shareholders attention to our application and the work of the EBRD Secretary General and his team dedicated to processing this request specifically during this challenging time of COVID-19 pandemic.”
The bank promotes private sector development and sustainable and inclusive growth through a combination of investments, policy engagement and technical assistance.