The shareholders of the European Bank for Reconstruction and Development (EBRD) have approved an application by Algeria to become a member of the multilateral financial institution.
The Algerian authorities made a request for membership in March with a view to becoming a recipient of EBRD finance and advisory services.
The Bank’s Board of Governors has now agreed to the first stage in this process. Algeria will have to meet some pre-membership requirements before the membership process concludes.
Jürgen Rigterink, the EBRD’s Acting President, said: “We are very proud and happy to welcome Algeria as our latest member. I look forward to start working in the country as soon as a final decision by our shareholders is taken. Our goal will be to unleash the potential of Algeria, particularly in the private sector, to create jobs and support sustainable development. Similar to our support to Algeria’s neighbouring countries, the EBRD can mobilise significant financial resources as well as technical expertise and advisory services.”
If Algeria did become an EBRD recipient country, the Bank would seek opportunities to support private sector competitiveness, promote sustainable supplies of energy and enhance the quality and efficiency of public services in the country.
Algeria is located in the EBRD’s southern and eastern Mediterranean (SEMED) region, where the Bank already invests and provides support for policy reform in Egypt, Jordan, Lebanon, Morocco, Tunisia and in the West Bank and Gaza.
To date, the Bank has invested over €12 billion in 260 projects across the SEMED region in natural resources, financial institutions, agribusiness, manufacturing and services as well as infrastructure projects such as power, municipal water and wastewater and upgrading transport services.