The European Bank for Reconstruction and Development (EBRD) has brought in Libya as its latest shareholder.
Libya becomes the fourth North Africa country of EBRD, joining Egypt, Morocco and Tunisia.
EBRD only invests in countries that are its shareholders. Set up in 1991, the development financier had approximately $62.8 billion (€56 billion) in total assets, as of 2018.
The decision to enable Libya to receive funding will be taken separately by EBRD’s shareholders following an assessment of the political, economic and operational environment in the country.
“We are glad to welcome Libya as a shareholder and look forward to future successful cooperation,” said Suma Chakrabarti, president at EBRD.
North Africa is within EBRD’s southern and eastern Mediterranean (SEMED) region. The SEMED region includes Egypt, Morocco and Tunisia in North Africa, Jordan and Lebanon in the Middle East and West Bank and Gaza in Asia.
Libya joins 68 other countries, globally, the European Union and the European Investment Bank -raising the number of shareholders to 71.
EBRD invested €9.5 billion across 395 projects in 2018