Algeria News

CORRECTED-Algeria joins European Bank for Reconstruction and Development

(Corrects paragraph 5 to make clear Algeria requested membership)

LONDON, July 14 (Reuters) - Shareholders of the European Bank for Reconstruction and Development have given the go-ahead to Algeria becoming a member of the multilateral financial institution, the bank said on Tuesday.

It opens the way for Algeria to potentially receive funding to support private sector competitiveness, promote sustainable supplies of energy and enhance the quality and efficiency of public services in the country.

“Our goal will be to unleash the potential of Algeria, particularly in the private sector, to create jobs and support sustainable development,” said Jurgen Rigterink, the EBRD’s Acting President.

“Similar to our support to Algeria’s neighbouring countries, the EBRD can mobilise significant financial resources as well as technical expertise and advisory services.”

Set up in 1991 to help ex-communist countries of eastern Europe shift to market economies, the Algerian authorities made a request for membership of the EBRD in March with a view to becoming a recipient of the bank’s finance and advisory services.

Majority owned by G7 top economic powers, the EBRD has widened its geographic scope in recent years to include Egypt, Tunisia and Morocco in Africa.

The EBRD has invested over 12 billion euros in 260 projects across the southern and eastern Mediterranean region in natural resources, financial institutions, agribusiness, manufacturing and services as well as infrastructure projects such as power, municipal water and wastewater, and transport services. (Reporting by Tom Arnold, editing by Ed Osmond)