Baghdad: The Iraqi Foreign Ministry said on Friday that the European Bank for Reconstruction and Development (EBRD) has accepted Iraq’s membership in the bank.
A ministry statement said that during its two-day annual meeting on Oct. 7 and 8, the EBRD’s members of the Board of Governors had voted in accepting Iraq’s membership after intensive efforts made by the Iraqi Foreign Ministry.
“Iraq’s official accession to the bank will give it the opportunity to be benefited from international banking expertise to develop the banking sector and obtain technical assistance that will create a suitable ground for investment,” the statement said.
“We hope that this step is an introduction to joint work that aims to strengthen the private sector in Iraq to be able to compete and contribute to supporting sustainable development in the country,” the statement added.
Iraq is facing a severe economic hardship as more than 90% of its economy depends on revenues from selling crude oil, while the oil prices have plummeted in the world oil markets amid the global recession due to the coronavirus pandemic