May 9, 2014 / 12:56 PM / 4 years ago

EBRD to vote on funds for Cyprus, membership for Libya

LONDON, May 9 (Reuters) - The European Bank for Reconstruction and Development said on Friday it would vote at its annual meeting next week on making Cyprus a temporary recipient of funds and admitting Libya as a member, a precursor to receiving funds.

Euro zone member Cyprus suffered from the euro zone debt crisis, while Libya is trying to rebuild its economy following the overthrow of Muammar Gaddafi.

Cyprus has asked to be a temporary recipient of funds “to reform and restructure the Cyprus economy,” the EBRD said in a statement.

Libya has asked to be a member of the bank as a first step to receiving finance, said the EBRD, which meets on May 14-15 in Warsaw.

“Any process to establish recipient status would start following a decision in Warsaw on membership.”

The bank said new economic forecasts published next week would show “significant deterioration” in the outlook for Russia and Ukraine and a worsening picture for Turkey.

The bank, which focuses on private sector funding, said it will urge further reforms in the emerging Europe and north Africa region in which it operates.

“Promoting reforms that can lay the ground for sustained, robust growth has assumed an even greater urgency following a downturn in economic prospects.”

The bank invested 2.3 billion euros in the region in the Jan-April 2014 period, versus 1.4 billion euros in the same period in 2013. (Reporting by Carolyn Cohn)

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