- Republic of San Marino joins the EBRD as its 70th shareholder
- Membership request was approved by the Bank’s Board of Governors
- New opportunities for more investments across EBRD regions
The government of San Marino applied for EBRD membership in June 2018. The EBRD Board of Governors, which represents all of the existing shareholders, voted in favour of the country’s application in November 2018.
While San Marino takes a shareholding in the EBRD, it will not be a recipient of EBRD financing.
EBRD President Sir Suma Chakrabarti welcomed the news. “San Marino’s membership opens up further opportunities for impact across our regions and we look forward to building further on the close ties we have already established.”
Banking, agriculture and tourism fuel the mountainous microstate’s economy. While the republic is now the EBRD’s smallest shareholder, the 61 square kilometre enclave’s expertise and knowledge will benefit many of the developing economies with similar portfolios in which the EBRD invests.
The Board of Governors, where the EBRD’s shareholders are represented, is the highest authority representing the EBRD’s shareholders, which as of today will now comprise 68 countries, the European Union and the European Investment Bank.