The European Bank for Reconstruction and Development (EBRD) recently announced on its official platform that Benin, in West Africa, has achieved the distinction of becoming the first Sub-Saharan African nation to gain membership.
The decision to approve Benin’s membership was reached by the Board of Governors in October 2023, following the country’s application submitted in July of the same year. Consequently, Benin now stands as the 75th shareholder of the Bank.
Established in 1991 with the objective of fostering private and entrepreneurial initiatives and facilitating the transition to open market-oriented economies, the EBRD counts 73 countries, alongside the European Union and the European Investment Bank, among its owners.
Utilizing a combination of investment, consultancy services, and policy reform, the EBRD supports nations undergoing transition, with a primary focus on promoting the private sector and effecting enduring reforms. Its operational scope spans across three continents, including Africa.
During the EBRD’s 2023 Annual Meeting in Samarkand, the Board of Governors ratified a revision to the Agreement Establishing the Bank. This modification enables the EBRD to gradually extend its operations to sub-Saharan Africa and Iraq.
Upon official adoption by the majority of EBRD shareholders, this amendment will pave the way for Benin to transition into an operational country, thereby gaining access to the Bank’s financial resources and policy support.
Expressing her satisfaction with Benin’s membership, Odile Renaud-Basso, President of the EBRD, stated, “I am very pleased to welcome Benin, the first sub-Saharan African country to join the Bank. We eagerly anticipate collaborating with the nation and, in due course, utilizing our expertise to foster private-sector development and sustainable growth.”
In response to the approval, Benin’s Minister of Economy and Finance, Romuald Wadagni, remarked, “We are thrilled to join the EBRD with the prospect of attaining operational status within the Bank. Benin aims to attract additional resources vital for the structural transformation of our economy, the enhancement of the business environment, and the rejuvenation of our private sector. These efforts are poised to positively impact the living standards of our populace.”
