#IraqProgress Iraq Newest Member of EBRD European Bank for Reconstruction and Development

The European Bank for Reconstruction and Development (EBRD) has welcomed Iraq as a new member.

Recently, the bank approved amendments to its statutes to enable a limited and incremental expansion into Iraq.

The full statement from the EBRD is as follows:

The European Bank for Reconstruction and Development (EBRD) has added Iraq as its latest shareholder, bringing its total to 74.

Board of Governors approved Iraq's membership in October 2020. The process of becoming a shareholder has now been completed.

A shareholder can apply to become a recipient economy, thereby benefiting from the EBRD's finance and policy support.

This year, the Board of Governors of the EBRD approved the expansion of the Bank's operations to Iraq at the Annual Meeting in Samarkand. As soon as the amendment is in effect, the Bank will be able to accept any request from Iraq to become a member.

Iraq was included in the Bank's southern and eastern Mediterranean (SEMED) region, to which it has strong economic ties.

Odile Renaud-Basso (pictured), President of the EBRD, said: "We are delighted to welcome Iraq as a member of the bank. It will be a pleasure for us to begin working in Iraq, applying our expertise to the development of its economy when the time comes."

SEMED operations were launched by the Bank in 2012 in Egypt, Jordan, Morocco, Tunisia. In 2017, operations were extended to Lebanon and the West Bank and Gaza Strip.

In addition to the European Union and the European Investment Bank, the EBRD now has 72 national shareholders.

Investments, advisory work, and policy reform are used by the EBRD to support countries in transition. In addition to developing the private sector, it also aims to bring sustainable change, leaving an enduring legacy. Currently, the Bank is concentrating its efforts on supporting Ukraine, as well as helping all of its economies to become more green, more inclusive, and more digital.