Kosovo is to become a member of the European Bank for Reconstruction and Development (EBRD) as a recipient country. A resolution, agreeing the membership, was approved by the Board of Governors of the EBRD today.
The resolution stressed that the decision is without prejudice to the positions of the EBRD’s individual members on the status of Kosovo. Following the approval of the resolution, Kosovo will become the 66th member of the Bank, if on or before 17 December 2012 it completes internal procedures precedent to membership, as set out in the resolution, including acceptance in accordance with its law of the Agreement Establishing the Bank and paying for its shares.
Once Kosovo has become a member, the Bank will seek to support Kosovo’s economy and improve the lives of the people there, facilitate transition and contribute to regional stability. To this end, it will ensure the necessary coordination with other international financial institutions and international donors. The Board of Governors’ decision was welcomed by the EBRD President, Suma Chakrabarti, who said: “The EBRD will be delighted to be able to address Kosovo’s needs. The Bank will work to develop the private sector as well as investing in infrastructure improvements and will help to strengthen the economy more generally. This will benefit all people living in Kosovo.”
The Board of Governors, where the EBRD’s 65 shareholders are represented, decides on any extension of the Bank’s membership by the affirmative vote of not less than two-thirds of the Governors, representing not less than three-quarters of the total voting power of the members.