EBRD shareholders approve UAE membership

The United Arab Emirates has taken the first step towards becoming a member of the European Bank for Reconstruction and Development after the lender's Board of Governors approved its request to become a shareholder.

The government of the UAE applied for EBRD membership in September 2020, expressing its wish to contribute to the bank’s operations. The EBRD started investing in the southern and eastern Mediterranean region in 2011 and is today active in Egypt, Jordan, Lebanon, Morocco and Tunisia, as well as the West Bank and Gaza. Following the Board of Governors’ approval, the UAE can now complete the bank’s membership process. Once that has been finalised and all formalities have been met, the membership will become effective.