States shareholders of the European Bank for Reconstruction and Development (EBRD) approved Saturday, May 21 the principle of expanding its investment in North Africa and the Middle East. "The EBRD's shareholders have made significant progress in deciding to extend the investment bank to the countries of North Africa and the Middle East," said the EBRD said in a statement issued in Astana, the Kazakh capital, venue of its annual meeting.
The EBRD had announced in February its intention to invest in the Arab world, many of which are the scene of riots, to support the process of democratization. "Other political decisions are taken in the weeks and months ahead" and "President of the EBRD Thomas Mirow said that the Bank would have the means, eventually, to invest up to 2.5 billion euros per year in this region, "the bank said.
EBRD noted in passing that Egypt, as part of its shareholders, had already formally requested to benefit from its investments, and that Morocco had reported his "keen interest" to take such a step. In detail, the EBRD's shareholders have asked the Board to submit by 31 July with concrete proposals on how the extension of its mission to North Africa and the Middle East that will require an amendment to its articles.
These changes must then be formally be ratified by all of its 63 shareholders (which included 61 states plus the European Union and its financial arm, the European Investment Bank). But the EBRD will explore opportunities to start investing "as quickly as possible" in new countries without waiting for changes in its constitution is completed, the statement added.
The EBRD has however stressed that "any decision to start investing in the region should take into account the measures taken in the countries concerned to political and economic reforms." In addition, the EBRD will finance investments in new countries with its existing resources, without calling the extension to its shareholders and ensure that "such a change does not compromise the size and impact of activities bank "in countries where it operates today.
The EBRD, created 20 years ago to accompany the ex-socialist countries in transition to market economy, is now active in 29 countries, ranging from central and eastern Europe to central Asia and Baltic to the Bosphorus. Besides Egypt and Morocco, Tunisia is also the leading new country where she could locate. 
The EBRD had announced in February its intention to invest in the Arab world, many of which are the scene of riots, to support the process of democratization. "Other political decisions are taken in the weeks and months ahead" and "President of the EBRD Thomas Mirow said that the Bank would have the means, eventually, to invest up to 2.5 billion euros per year in this region, "the bank said.
EBRD noted in passing that Egypt, as part of its shareholders, had already formally requested to benefit from its investments, and that Morocco had reported his "keen interest" to take such a step. In detail, the EBRD's shareholders have asked the Board to submit by 31 July with concrete proposals on how the extension of its mission to North Africa and the Middle East that will require an amendment to its articles.
These changes must then be formally be ratified by all of its 63 shareholders (which included 61 states plus the European Union and its financial arm, the European Investment Bank). But the EBRD will explore opportunities to start investing "as quickly as possible" in new countries without waiting for changes in its constitution is completed, the statement added.
The EBRD has however stressed that "any decision to start investing in the region should take into account the measures taken in the countries concerned to political and economic reforms." In addition, the EBRD will finance investments in new countries with its existing resources, without calling the extension to its shareholders and ensure that "such a change does not compromise the size and impact of activities bank "in countries where it operates today.
The EBRD, created 20 years ago to accompany the ex-socialist countries in transition to market economy, is now active in 29 countries, ranging from central and eastern Europe to central Asia and Baltic to the Bosphorus. Besides Egypt and Morocco, Tunisia is also the leading new country where she could locate.
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