- Safiu Kehinde
The European Union is set to launch the operation of the European Bank for Reconstruction and Development (EBRD) in Nigeria.
This was disclosed in a post on X by the EU Delegation in Nigeria.
As contained in the post, the bank’s new Managing Director for Sub Sahara Africa, Heike Harmgart, had arrived Nigeria to engage in discussion with EU Ambassador to Nigeria, Gautier Mignot, and his team ahead of the launch.
“Engaging discussions today as EU in Nigeria’s Ambassador-Designate @GautierMignot2, and his team received the new @EBRD MD for Sub Sahara Africa, Dr. @heikeharmgart, on her first mission to Nigeria ahead of the launch of the Bank’s operations in the country.” The post read.
EBRD had, in May, 2024, approved the membership of Nigeria and Kenya.
The multilateral financial institution dislcosed that Nigeria applied for membershp in April 2024 while Kenya applied in March 2024.
Reacting to the development, EBRD President, Odile Renaud-Basso, had expressed her desire to help unleash the potential of the countries’ private sectors, enable job creation and support sustainable development.
“We are very happy about this important milestone in the process for Kenya and Nigeria to become new EBRD members.
“With this approval the six sub-Saharan African countries have joined the Bank, a step that reflects our Governors’ historic decision, last year, on the future expansion of the Bank’s operations there.
“Together with other international partners, our goal will be to help unleash the potential of the countries’ private sectors, create jobs and support sustainable development.” Odile had said.
Since its inception in 1991, EBRD has, according to report, invested over €195 billion in 7,021 projects and supported policy reforms to develop the private sector in more than 30 economies.
Its investments span natural resources, financial institutions, agribusiness, manufacturing and services, as well as infrastructure projects, such as power and renewable energy, and the upgrade of municipal services.