The United Arab Emirates (UAE) has taken the first step towards becoming a member of the European Bank for Reconstruction and Development (EBRD).
The move follows the EBRD Board of Governors’ approval of the country’s request to become a shareholder in the multilateral financial institution.
EBRD President Odile Renaud-Basso said, “We welcome the UAE becoming a new member of our Bank and thank our shareholders for their decision.”
She added, “The UAE is an important business and knowledge hub, and its membership will benefit many of the economies where the EBRD invests, whilst opening up further opportunities across our regions.”
The UAE government applied for EBRD membership in September 2020, expressing its wish to contribute to the Bank’s operations. The EBRD started investing in the southern and eastern Mediterranean region in 2011, and today is active in Egypt, Jordan, Lebanon, Morocco and Tunisia, as well as the West Bank and Gaza.
Following the Board of Governors’ approval, the UAE can now complete the Bank’s membership process. Once that has been finalised and all formalities have been met, the membership will become effective.
Mansoor Abulhoul, UAE Ambassador to the UK, said, “As the UAE enters its 50th year, I am delighted that we will be joining the EBRD as a member and look forward to developing a strong partnership with the Bank.”
Abulhoul added, “The EBRD has an exceptional history in the southern and eastern Mediterranean region, and our combined strong political and business ties will make for an excellent partnership.”
The Governors are the highest authority representing the EBRD’s existing 71 shareholders. They are currently comprised of 69 countries and two international organisations, the European Union (EU) and the European Investment Bank (EIB).