Iraq Becomes a Contributor to the European Bank for Reconstruction and Development

The European Bank for Reconstruction and Development announced today, Thursday, that "Iraq has become the 74th member of the multilateral lender, while Ghana and Senegal have submitted applications for membership." Iraq submitted its application to join the bank for the first time in 2018, and its status as a contributor allows it to apply to become a recipient economy, which would enable financing and political support from the bank. The President of the European Bank for Reconstruction and Development, Odile Renaud-Basso, stated in a press release: "When the time is right, we look forward to starting work in Iraq and applying our expertise to develop its economy." Reuters also reported that Ghana and Senegal have submitted applications for membership.