EBRD considers Africa move

Published: May 11, 2011

Bank may ask shareholders to approve extension of investment mandate.

The European Bank for Reconstruction and Development (EBRD) is considering extending its investment mandate into Africa, and will discuss the move at its forthcoming annual meetings in Kazakhstan.

The European Union has encouraged the bank’s shareholders to extend investments into north Africa. Egypt, an EBRD shareholder, has already requested to become a recipient, and the bank says Morocco has expressed “a strong interest” in receiving funding.

Thomas Mirow, the EBRD’s president says the bank could eventually invest up to €3bn (US$4.3bn) in the region if the move is approved by shareholders.