- Republic of San Marino to join EBRD as its 70th shareholder
- Unanimous vote in favour of membership application
- New opportunities for joint investments
Following the governors’ unanimous approval, San Marino is now set to become the Bank’s 70th member, opening an important chapter of cooperation for all parties involved.
The membership is expected to become effective with the conclusion of the last remaining formalities. San Marino will subscribe to 203 shares of the capital stock of the EBRD, of which 37 shares are paid-in and 166 shares are callable. San Marino will not be a recipient of Bank financing.
EBRD President Sir Suma Chakrabarti welcomed San Marino to the EBRD family, noting that the step will benefit the Bank, the republic and the regions where the EBRD operates: “The Bank is delighted to work with San Marino to strengthen our ability to meet the needs of the economies we engage in with investments and policy dialogue.”
While the republic may be the EBRD’s smallest shareholder, the 61 square kilometre enclave consistently ranks among the highest GDP per capita globally. Banking, agriculture and tourism fuel the mountainous microstate’s thriving economy. The republic’s expertise and knowledge will benefit many of the developing economies with similar portfolios that the EBRD invests in.
The Board of Governors, where the EBRD’s 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.