North African country becomes 73rd member of the bank, opening up opportunities to engage on investment and policy issues.
The European Bank for Reconstruction and Development (EBRD) has welcomed Algeria as its 73rd shareholder, opening the country up for EBRD engagement on investment, policy reform and more.
EBRD president Odile Renaud-Basso said: “We are happy to welcome Algeria as our latest shareholder and look forward to working together and discussing the next steps of our joint cooperation, notably for Algeria to become a recipient of the Bank’s operations.”
“We also look forward to the country becoming a recipient of the Bank’s operations – a step that will enable us to apply our know-how and experience to help develop the private sector, promote sustainable energy supplies and enhance the quality and efficiency of the country’s infrastructure.”
Algeria applied for EBRD membership in March 2020 and the bank’s Board of Governors subsequently voted in favour of the request. The announcement of membership follows the completion of the formal exchange of documents.
Algeria is located in the southern and eastern Mediterranean region where the EBRD already invests and provides support for policy reform in Egypt, Jordan, Lebanon, Morocco and Tunisia, as well as the West Bank and Gaza.
To date, the Bank has invested almost €15 billion in 305 projects across those countries, focused on natural resources, financial institutions, agribusiness, manufacturing and services – as well as major infrastructure projects.