The European Bank for Reconstruction and Development (EBRD) has validated Algeria’s membership request, a first stage in the full acceptance of the North African country as member of the financial institution founded in 1991.
The shareholders of the London-based institution have approved Algeria’s application submitted in March to become recipient of EBRD financing and advisory services.
Jürgen Rigterink, the EBRD’s Acting President in a statement indicated that he is looking forward to start working in the country as soon as a final decision by the shareholders is taken.
“Our goal will be to unleash the potential of Algeria, particularly in the private sector, to create jobs and support sustainable development. Similar to our support to Algeria’s neighboring countries, the EBRD can mobilize significant financial resources as well as technical expertise and advisory services,” he added in the statement posted on the multinational financial institution’s website.
It remains set of other undisclosed conditions that the North African country is expected to fulfil. Upon final approval, EBRD would seek opportunities to support private sector competitiveness, promote sustainable supplies of energy and enhance the quality and efficiency of public services in the country.
The bank has injected investments and provided support for policy reform in Egypt, Jordan, Lebanon, Morocco, Tunisia and in the West Bank and Gaza.
The investments went into projects including natural resources, financial institutions, agribusiness, manufacturing and services as well as infrastructure.