Libya has become a member of the European Bank for Reconstruction and Development (EBRD), with a view to becoming an EBRD recipient country, which would enable Libya to benefit from the Bank’s investment programmes.
The EBRD Board of Governors approved Libya’s membership on 15 May during the Bank’s Annual Meeting in Poland.
Any decision to grant recipient country status to Libya will be taken separately following a thorough assessment by the Bank of the political, economic and operational environment in the country.
In 2013, Libya’s authorities sought EBRD membership, saying that the Bank’s support would play an important role in helping the country implement programmes of economic reform and would contribute to its economic growth.
The request followed the decision by the Bank’s shareholders to extend the EBRD’s remit to the southern and eastern Mediterranean (SEMED) following a wave of political change that began in the region in 2011.
Since 2012, the Bank has invested in four SEMED countries – Egypt, Morocco, Jordan and Tunisia. To date, the EBRD has invested €871 million in 34 projects across various sectors in the SEMED region.
(Picture: Suma Chakrabarti, President of European Bank for Reconstruction and Development)