EBRD President Odile Renaud-Basso expressed her enthusiasm for the start of cooperation with Iraq

In a significant move for the international economy, Iraq on Thursday became the 74th shareholder of the European Bank for Reconstruction and Development (EBRD). The news comes as Ghana and Senegal expressed their desire to join by submitting an application to the international financial institution. 

The process by which Iraq became a shareholder in the EBRD began in April 2018, and membership was approved by the Board of Governors in October 2020. This process is now complete, giving Iraq the opportunity to apply for funding and support from the EBRD for its economic development. However, such an application will be subject to detailed consideration by the Bank's shareholders in a separate process, as reported by Reuters.

EBRD President Odile Renaud-Basso expressed her enthusiasm for the start of cooperation with Iraq and underlined the bank's intention to use its expertise to contribute to the country's economic development. In parallel, Ghana and Senegal have also applied to join the EBRD, signalling increased interest in the financial support offered by the institution.

The EBRD currently counts 72 countries among its shareholders, along with the European Union and the European Investment Bank. On Wednesday, the EBRD's Board of Directors recommended a €4bn capital increase aimed at increasing financing to Ukraine. If approved by the Board of Governors, this will be the third capital increase in the EBRD's history.

The EBRD has also played a significant role in Romania, investing €10.5 billion to date through 515 projects. Focusing on infrastructure financing, private sector development and capital markets, the EBRD remains one of the leading institutional investors in the country.