Janet Yellen Secretary of the Treasury | Twitter Website
WASHINGTON – The United States has commended the productive Annual Meetings of the European Bank for Reconstruction and Development (EBRD) and acknowledged the re-election of President Odile Renaud-Basso to a second term. The U.S., as EBRD’s largest shareholder, also welcomed Iraq's membership and Benin as EBRD’s 75th member and first sub-Saharan African member, indicating progress toward EBRD’s limited expansion into sub-Saharan Africa.
The EBRD is considered an essential partner in delivering economic stability and security that benefits American consumers and safeguards U.S. security through the development of vibrant market economies. Last December, EBRD shareholders approved a €4 billion capital increase to support resilience, recovery, and reconstruction in Ukraine. Under President Renaud-Basso’s leadership, the EBRD aims to bolster Ukraine’s private sector, strengthen energy and food security for Ukrainians, and maintain vital infrastructure.
The capital increase will enhance EBRD’s support for all its recipient countries, including those in the Middle East and North Africa, Central Asia and the Caucasus, and the Balkans. This support facilitates their transition to market economies, promotes thriving private sectors, and helps manage negative spillovers from Russia’s war on Ukraine. With anticipated expansion into six countries in Sub-Saharan Africa and Iraq, the EBRD is poised to continue deploying its expertise, policy support, and financing to foster private sector-led growth in key partner countries.
During the Annual Meetings, EBRD Governors reviewed progress on EBRD’s Evolution journey with an enhanced focus on green finance and private capital mobilization. They also provided input for Management as they prepare the next five-year strategic plan.
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