Econostrum | Economic News in the Mediterranean

Algeria joins the EBRD as a shareholder

Written by Eric Apim on Monday, October 25th 2021 à 15:35 | Read 368 times

ALGERIA. On Monday 25 October 2021, Algeria became the sixty-third shareholder of the European Bank for Reconstruction and Development (EBRD). The country has just completed a membership process that began in March 2020.

"This step will allow us to apply our know-how and experience to help develop the private sector, promote sustainable energy supplies and improve the quality and efficiency of the country's infrastructure," comments Odile Renaud-Basso, EBRD President since November 2020. The country has yet to obtain the status of beneficiary country of the bank's financing and advice.

In August 2021, Adbelmadjid Tebboune, the country's president, signed a decree allowing Algeria to subscribe to 203 EBRD shares. Previously, in July 2020, the Bank's Board of Governors had approved this membership application.

The Algerian authorities will now be able to benefit from this institution's assistance to finance their investments and support political reforms. Algiers has always refused to ask for loans from the International Monetary Fund (IMF) or the World Bank.

Jordan and Tunisia became shareholders in January 2012 and Libya in July 2019.

Since the extension of its mandate to the Southern and Eastern Mediterranean Region (SEMED) in 2012, the EBRD is already active in Morocco, Tunisia, Egypt, Lebanon and Jordan. It has already invested nearly €15bn in 305 projects in natural resources, financial institutions, agribusiness, manufacturing and services, as well as in infrastructure projects such as electricity, municipal water and wastewater, and the modernisation of transport services.

Algeria is a founding member of the AfDB

Algeria has been a shareholder in the African Development Bank (ADB) since 1971. A founding member in August 1963, it has 3.280% of the voting rights on its Board of Governors. This places it in sixth position out of the fifty-four members on the African continent behind Nigeria (13.562%), Morocco (5.459%), Libya (3.377%), Egypt (3.843%) and South Africa (3.361).

In 2020, the AfDB group approved the release of UA 307.8 million ($439.85 million - €368.4 million) for Algeria, bringing the total funds provided since the start of the African bank's operations in the country in 2012 to UA 4.23 billion ($6.04 billion - €5.06 billion at the AfDB group's average exchange rate of October 2021)

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