EBRD approves membership of Ghana and Senegal

By bne IntelliNews March 1, 2024

The shareholders of the European Bank for Reconstruction and Development (EBRD) have approved applications by Ghana and Senegal to become members of the multilateral financial institution.

The authorities of the two West African countries each applied for EBRD membership in October 2023. The Bank’s Board of Governors has now approved the first stage in the membership process. Ghana and Senegal must meet some final pre-membership requirements before the process is concluded.

The move follows the Governors’ approval – at the EBRD’s 2023 Annual Meeting in Samarkand – of amendments to the Bank’s statutes to enable the limited and incremental expansion of its operations to sub-Saharan Africa and Iraq.

Ghana and Senegal have also requested to become recipients of EBRD financial and advisory services, which the Bank will address once the statutory amendments are in force.

EBRD President Odile Renaud-Basso said: “We are very happy about this important milestone in the process for Ghana and Senegal to become new EBRD members. This reflects our Governors’ historic decision, last year, on the future expansion of the Bank’s operations to sub-Saharan African countries. Together with other international partners, our goal will be to help unleash the potential of the countries’ private sectors, create jobs and support sustainable development.”

The successful applications from Ghana and Senegal follow those from Benin and Cote d’Ivoire, whose memberships Governors approved in October 2023.

Since its inception in 1991, the EBRD has invested over €190mn ($205mn) in 6,969 projects and supported policy reforms to develop the private sector in over 30 economies. Its investments span natural resources, financial institutions, agribusiness, manufacturing and services, as well as infrastructure projects, such as power and renewable energy, and the upgrade of municipal services.

Related Articles

ENRG advances surveying at Niger uranium project Agadez within highly prospective Tim Mersoi Basin

ENRG Elements, which focuses on exploring and developing uranium and copper projects, has used radiometrics and a recent trenching program to identify potentially significant uranium mineralisation ... more

Zimbabwe nabs 65 illegal currency traders as new gold-backed ZIG slides on parallel market

Zimbabwe's government has, in response to a depreciation of a currency introduced on April 8, arrested 65 alleged illegal currency dealers and closed bank accounts of businesses suspected to ... more

South Africa's Zuma tries to sell carbon credits to Russian NGO after Zimbabwe failure

Former South African President Jacob Zuma is discussing trading carbon credits with a Russian NGO, facilitated by a new Belarusian entity, according to ... more

Dismiss