Algeria has become the 73rd shareholder of the European Bank for Reconstruction and Development (EBRD), the international financial institution announced on Monday, Reuters reports.

Algeria has applied to become a member of the EBRD in March 2020, hoping to benefit from investment and support for reform policies. Subsequently, the EBRD Board of Governors voted in favor of Algeria’s application, and the accession process has now been completed with the exchange of official documents.

“We are pleased to welcome Algeria as the latest shareholder and look forward to working together and discussing the next steps in the cooperation, especially those that will allow Algeria to benefit from the bank’s operations,” said EBRD President Odile Renaud-Basso.

The European Bank for Reconstruction and Development (EBRD) was set up three decades ago to invest in former communist economies in Eastern Europe. Currently, the bank operates in almost 40 economies, mainly in Europe, but also in the Middle East, North Africa and Central Asia. In the southern and eastern Mediterranean region, the EBRD invests and operates in several economies, namely Egypt, Jordan, Lebanon, Morocco, Tunisia as well as in the West Bank and Gaza Strip, according to Agerpres.ro.

To date, in Romania the EBRD has provided financing worth EUR 8.8 billion in over 460 projects.

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