Benin and Cote d’Ivoire have been approved as new members of the European Bank for Reconstruction and Development (EBRD) following the application submissions from both countries in July and August.

Their intention is to benefit from the financial and advisory services provided by the EBRD.

The first stage of the membership process has been sanctioned by the EBRD governors. However, there are final pre-membership criteria that the two countries are required to fulfill before the process is formally completed, as stated by the bank.

President Odile Renaud-Basso expressed enthusiasm about the latest membership additions, welcoming Benin and Côte d’Ivoire.

The statement also indicates the anticipation for the countries to become full-fledged recipients of the EBRD’s operational support.