The European Bank for Reconstruction and Development (EBRD) has approved Nigeria, Ivory Coast, and Benin as new member countries eligible for investment.
The decision, announced on Thursday, follows a formal vote by the bank’s board during its annual meeting, according to Reuters.
According to EBRD President Odile Renaud-Basso, “The EBRD will leverage its financial resources and expertise to boost the countries’ economies and provide new opportunities to their people, complementing the work of existing development partners.”
The approval grants the three West African nations access to millions of euros in potential funding, marking a significant step in the EBRD’s long-anticipated expansion into Sub-Saharan Africa.
According to the bank, investments in these countries will commence once an amendment to the EBRD’s founding treaty takes effect in July.
Meanwhile, other African nations, including Kenya, Ghana, and Senegal, are also being considered for EBRD membership, although they must still meet certain pre-accession criteria before the process is finalised.
Founded in 1991 to support the reconstruction of Eastern Europe after the Cold War, the European Bank for Reconstruction and Development (EBRD) has since expanded its reach to include the Middle East, North Africa, and Mongolia.
Over the years, the bank has invested more than €200 billion ($223.72 billion) and has played a key role in advancing policy reforms to develop the private sector.
The bank provides financing for private sector enterprises and public projects that promote sustainable and inclusive growth. Owned by 72 countries and institutions, including the European Union and the European Investment Bank, the EBRD focuses on areas such as infrastructure, energy, financial systems, and green innovation.
According to EBRD President Odile Renaud-Basso, the bank’s priorities in its new African operations will include supporting the green transition, strengthening economic governance, and fostering human resilience through greater equality of opportunity.
