European Bank for Reconstruction and Development: Iraq to become shareholder

The European Bank for Reconstruction and Development (EBRD) has approved Iraq’s request to become a member of the bank on Wednesday. (EBRD)
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Updated 07 October 2020

European Bank for Reconstruction and Development: Iraq to become shareholder

  • Iraq submitted a request for membership of the bank in April 2018
  • EBRD's board of governors has now agreed to the first stage in the process

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.


Saudi Arabia ranks Kingdom's internet speeds for Q3 2020

Updated 30 November 2020

Saudi Arabia ranks Kingdom's internet speeds for Q3 2020

  • STC came in the first place in terms of mobile internet average download speed

The Communications and Information Technology Commission (CITC) released its report on internet speeds in the Kingdom (Meqyas) for Q3 2020.

The report compared the speeds of service providers in the Kingdom through download, upload and 5G speeds, ranks the best performing operators in each region.

Saudi Telecom Co. (STC) came in the first place in terms of mobile internet average download speed, with 78.17 Mbps. Meanwhile, Etihad Etisalat Co. (Mobily) and Mobile Telecommunication Company Saudi Arabia (Zain KSA) came in the second and third places with 67.71 Mbps and 61.58 Mbps, respectively.

Zain KSA ranked first in terms of fixed mobile internet average download speed, with 110.88 Mbps, followed by Integrated Telecom with 84.79 Mbps and Mobily with 76.68 Mbps.

Meanwhile, STC took the first place in terms of the mobile average download speed in Riyadh, Makkah, Northern Province, Northern Province, Qassim, Al Jouf, Tabuk, Al Baha, Jazan. Mobily came first among telecom operators in Madina, Hail, Najan and Aseer.

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