European bank green-lights three new African members for investment
The European Bank for Reconstruction and Development (EBRD) has cleared new member states Nigeria, Ivory Coast and Benin for investments following approval by the development finance institution's board, it said on Thursday.
The move will give the countries access to millions of euros in potential investments from EBRD, cementing an expansion into sub-Saharan Africa by the lender that has been in the works for years.
"The EBRD will leverage its financial resources and expertise to boost the countries' economies and provide new opportunities to their people, complementing the work of existing development partners," EBRD president Odile Renaud-Basso said in a statement.
At its annual meeting on Thursday, the EBRD board formally voted to approve recipient country status for the three West African nations.
Investments will begin shortly after an amendment to the EBRD's founding treaty comes into force in July, the bank said.
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