Kenya and Senegal become EBRD shareholders

Kenya and Senegal have become the newest shareholders of the European Bank for Reconstruction and Development (EBRD), bringing the total number of Bank members to 79.

They submitted their requests to join the EBRD in March 2024 and October 2023, respectively, with the Board of Governors approving Kenya’s membership in May 2024 and Senegal’s in February 2024. Their membership applications included requests to become recipient countries, which the Bank is now taking forward.

At the Bank’s 2023 Annual Meeting in Samarkand, the Board of Governors approved an amendment to Article 1 of the Agreement Establishing the EBRD enabling it to operate in sub-Saharan Africa and Iraq. The threshold in terms of shareholders’ acceptance that was required for this amendment to take effect was reached in April, and the amended Article 1 has now entered into force.

Following this amendment to Article 1, Benin, Côte d’Ivoire and Nigeria have now formally become recipient countries.

EBRD President Odile Renaud-Basso said: “I am delighted to welcome Kenya and Senegal as shareholders of the Bank. This is a pivotal step towards beginning our investments in sub-Saharan Africa and we are committed to starting work in the region this year. We look forward to leveraging our expertise to drive sustainable economic growth through robust private-sector development and meaningful policy dialogue.”

Kenya’s Cabinet Secretary for the National Treasury and Economic Planning, John Mbadi Ng’ongo, said: “This development marks a significant milestone in the country’s deepening integration into the global financial architecture and reflects renewed international confidence in Kenya’s macroeconomic trajectory and institutional reform agenda. We view this as a partnership that will strengthen our development institutions, enhance investors’ confidence and support the delivery of transformative programmes that benefit all Kenyans.”

Senegal’s Minister of Finance and Budget, Cheikh Diba, said: “This membership marks a strategic turning point for the country’s international influence and the expansion of its economic partnerships. It demonstrates, once again, the renewed confidence in our country. By joining the EBRD, Senegal strengthens its commitment to sustainable growth, supported by private investment for the systemic transformation of our economic fabric.”

The EBRD now has 77 national shareholders in addition to the European Union and the European Investment Bank.

The EBRD supports economies in transition, using a combination of investment, advisory work and policy reform. It focuses on developing the private sector and bringing about sustainable change, leaving an enduring legacy for the future. The Bank is currently focusing its efforts on supporting Ukraine, while helping all EBRD economies to become greener, more inclusive and more digital.