European Bank Approves Membership of Kenya and Nigeria - Africa’s premier report on the oil, gas and energy landscape.

European Bank Approves Membership of Kenya and Nigeria

By Nibal Zgheib

The shareholders of the European Bank for Reconstruction and Development (EBRD) have approved applications by Kenya and Nigeria to become members of the multilateral financial institution.

The authorities of Kenya and Nigeria applied for EBRD membership in March and April 2024, respectively. Approval from the Bank’s Board of Governors is the first stage of the membership procedure; the two countries will need to meet some final pre-membership requirements before the process is concluded.

The move follows the Governors’ approval – at the EBRD’s 2023 Annual Meeting in Samarkand – of amendments to the Bank’s statutes to enable the limited and incremental expansion of its operations to sub-Saharan Africa and Iraq.

The applications of Kenya and Nigeria also included requests to become recipients of EBRD financial and advisory services, which the Bank will address once the statutory amendments are in force.

EBRD President Odile Renaud-Basso said: “We are very happy about this important milestone in the process for Kenya and Nigeria to become new EBRD members. With this approval the six sub-Saharan African countries have joined the Bank, a step that reflects our Governors’ historic decision, last year, on the future expansion of the Bank’s operations there. Together with other international partners, our goal will be to help unleash the potential of the countries’ private sectors, create jobs and support sustainable development.”

The successful applications from Kenya and Nigeria follow those from Benin and Côte d’Ivoire (approved in October 2023) and Ghana and Senegal (approved in February 2024). Benin finalised all membership requirements in April 2024, becoming the first sub-Saharan African country to join the Bank and its 75th shareholder.

Since its inception in 1991, the Bank has invested over €195Billion in 7,021 projects and supported policy reforms to develop the private sector in more than 30 economies. Its investments span natural resources, financial institutions, agribusiness, manufacturing and services, as well as infrastructure projects, such as power and renewable energy, and the upgrade of municipal services.

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