Econostrum | Economic News in the Mediterranean



EBRD ready to welcome Algeria into its fold

Algeria to become a member of the EBRD (photo: F.Dubessy)
Algeria to become a member of the EBRD (photo: F.Dubessy)
ALGERIA / EU. The shareholders of the European Bank for Reconstruction and Development (EBRD) approved on Tuesday 14 July 2020, Algeria's application to become a member of their financial institution. This was done in March 2020, to allow the country to become a beneficiary of EBRD financing and advisory services.

However, this decision by the shareholders is only a first step. The Bank's Board of Governors is now waiting for the Algerian government to "meet certain pre-accession requirements before concluding the accession process", as stated in an EBRD press release.

"Our aim will be to unlock Algeria's potential, particularly in the private sector, to create jobs and support sustainable development. Just like our assistance to Algeria's neighbours (editor's note: the bank is already active in Tunisia and Morocco), the EBRD can mobilise significant financial resources as well as technical expertise and advisory services," said its acting president, Jürgen Rigterink. He is "looking forward to starting work in the country as soon as a final decision by (its) shareholders has been taken.

The EBRD should particularly focus on supporting the competitiveness of the private sector, promoting sustainable energy supply and improving the quality and efficiency of public services in the country.

Frédéric Dubessy

Wednesday, July 15th 2020

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