Iraq joins EBRD, becoming 74th shareholder: announces Foreign Ministry

Baghdad-INA
The Ministry of Foreign Affairs announced on Thursday, that Iraq has joined the European Bank for Reconstruction and Development(EBRD).
Ministry spokesman Ahmed Al-Sahhaf said in a statement received by the Iraqi News Agency (INA): “Iraq has joined the European Bank for Reconstruction and Development (EBRD), as it has completed the accession procedures and is now the 74th shareholder of the bank."

The statement pointed out, " Iraq submitted a request to join the Bank in April 2018 and the Board of Governors approved its membership in October 2020."

It continued, "The process of becoming a contributing member has now been completed, and as a shareholder, Iraq can apply to benefit from the financial and political support provided by the European Bank for Reconstruction and Development."

EBRD President Odile Renaud-Basso, said: “I am delighted to welcome Iraq as a member of the Bank. We are fully committed to engaging with the country when the time comes, we are looking forward to starting work in Iraq, applying our expertise to developing its economy.” 

The statement concluded, "This achievement was the culmination of the efforts of the Embassy of the Republic of Iraq in London and its continuous efforts with the Bank's management in London, and the possibility of the Bank contributing to infrastructure projects in Iraq, including the Development Road Project."