Latest news with #OdileRenaud-Basso
TimesLIVE
16-05-2025
- Business
- TimesLIVE
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.
Reuters
15-05-2025
- Business
- Reuters
EBRD greenlights new African members for investment
LONDON, May 15 (Reuters) - 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. Kenya, Ghana and Senegal are also being considered for membership but still must meet some pre-membership requirements before the process is fully concluded. The bank was formed in 1991 to help rebuild Eastern Europe in the wake of the Cold War and has since expanded into the Middle East, North Africa and Mongolia. It has invested more than 200 billion euros ($223.72 billion) since its creation and supports policy reforms to develop the private sector. It partners with the private sector to enable investments in natural resources, financial institutions, agriculture and infrastructure. Renaud-Basso said the bank will focus on supporting the green transition, strengthening economic governance and promoting human resilience, including equal opportunity. ($1 = 0.8940 euros)
Bloomberg
12-05-2025
- Business
- Bloomberg
China, US Step Back from Decoupling Brink, Slash Tariffs
US and China will temporarily lower tariffs on each other's products in a dramatic ratcheting down of trade tensions that buys the world's two largest economies three months to work toward a broader agreement. The combined 145% US levies on most Chinese imports will be reduced to 30% including the rate tied to fentanyl by May 14, while the 125% Chinese duties on US goods will drop to 10%, according to a joint statement and from officials in a briefing Monday in Geneva. Today's guests: Wei Li, BlackRock Global Chief Investment Strategist, Odile Renaud-Basso, EBRD President, Kyriakos Pierrakakis, Greek Finance Minister. (Source: Bloomberg)
Iraq Business
28-04-2025
- Business
- Iraq Business
EBRD Enables Expansion into Iraq
By John Lee. The European Bank for Reconstruction and Development (EBRD) has amended its statutes, enabling it to expand operations into sub-Saharan Africa and Iraq. According to a statement from the bank, this pivotal change redefines the Bank's geographic remit and follows approval by its Board of Governors in 2023. The amendment will formally take effect in three months. The move sets the stage for Iraq to become a full country of operation, alongside several sub-Saharan nations. Iraq, along with Benin, Côte d'Ivoire, and Nigeria, has already joined as a shareholder, while Senegal, Kenya, and Ghana are currently undergoing the membership process. Full statement from the EBRD: The shareholders of the European Bank for Reconstruction and Development (EBRD) have accepted an amendment to Article 1 of the Bank's statutes, enabling the expansion of its operations to selected countries in sub-Saharan Africa and Iraq. Article 1 of the EBRD's statutes defines the Bank's purpose and its geographic remit for countries of operations. The Board of Governors approved this expansion in 2023 and the threshold of shareholder approval required for the amendment to Article 1 has now been met. The amendment will enter into force in three months' time. The announcement comes as the EBRD gears up for its 34th Annual Meeting, which will take place at the Bank's headquarters in Canary Wharf on 13-15 May 2025. The event - centred on the theme Expanding Horizons, Enduring Strengths - will mark the Annual Meeting's return to London for the first time since 2016. It will provide an opportunity for the Bank to emphasise its commitment to international cooperation and innovation as it enters a new phase in its history, advancing its unique business model to sub-Saharan Africa and Iraq and finalising its new Strategic and Capital Framework for the next five years. The EBRD has already welcomed Benin, Côte d'Ivoire, Nigeria and Iraq as new shareholders, with Senegal, Kenya and Ghana currently undergoing the membership process. Once the countries become members, they must receive approval from the Board of Governors to become EBRD countries of operation. EBRD President Odile Renaud-Basso said: "The modification of our Article 1 statute is a pivotal step towards the Bank's geographical expansion. It paves the way for our governors to grant recipient status to countries in sub-Saharan Africa and Iraq, which will enable us to start operations in our first countries in the region." The EBRD currently has 75 national shareholders, in addition to the European Union and the European Investment Bank. The Bank supports countries in transition by using a combination of investment, advisory work and policy reform, with a focus on developing the private sector and bringing about sustainable change. (Source: EBRD)
Web Release
06-03-2025
- Business
- Web Release
Nigeria becomes an EBRD shareholder
Nigeria has joined the European Bank for Reconstruction and Development (EBRD), becoming its 77th shareholder. Nigeria submitted a request to join the Bank in April 2024 and the Board of Governors approved its membership in May of the same year. At the EBRD's 2023 Annual Meeting in Samarkand, the Board of Governors approved an amendment to the Agreement Establishing the EBRD to enable the limited and incremental expansion of its operations to sub-Saharan Africa and Iraq. Once the amendment is in force, which requires formal acceptance by the majority of the EBRD's shareholders, the Bank will be able to take forward Nigeria's request to become a country of operation. As a recipient country, Nigeria would benefit from the EBRD's finance and policy support. EBRD President Odile Renaud-Basso said: 'I am very happy to welcome Nigeria, the most populous country in Africa, as a shareholder of the Bank. This is a landmark moment for the EBRD as we look forward to launching our activities in sub-Saharan Africa this year. With such large economic potential in the country, our objective will be to leverage our expertise in developing the private sector and conducting policy dialogue to support sustainable economic growth in Nigeria.' Wale Edun, Minister of Finance and Coordinating Minister of the Economy of Nigeria, said: 'Nigeria's membership of the EBRD strengthens our drive for private sector-led growth, sustainable infrastructure and a greener economy. This partnership aligns with our economic reform agenda and commitment to creating jobs through investment and innovation.' The EBRD now has 75 national shareholders in addition to the European Union and the European Investment Bank. The EBRD supports countries in transition, using a combination of investment, advisory work and policy reform. It focuses on developing the private sector and bringing sustainable change, leaving an enduring legacy for a better future. The Bank is currently focusing its efforts on supporting Ukraine, while helping all of its economies to become greener, more inclusive and more digital.
