Libya, Cyprus Eye EBRD Cash

Libya has become the fifth ‘transition’ Arab country to join The European Bank for Reconstruction and Development (EBRD). Crisis-hit Cyprus is also eying EBRD cash via a temporary facility.

The admission of Libya to the EBRD this week follows the European development bank’s expansion to other North African countries post-Arab Spring (MEES, 28 May 2012).

The EBRD board approved Libya’s membership on 15 May during the Bank’s Annual Meeting. To become a ‘recipient country’ – ie eligible to receive EBRD loans – Libya needs to pass an EBRD assessment of its political, economic and operational environment.

The EBRD’s four existing Arab members – Egypt, Tunisia, Morocco and Jordan – received a total of €449mn from the EBRD last year, whilst Turkey received €920mn (see table). (CONTINUED - 577 WORDS)

DATA INSIDE THIS ARTICLE

table EBRD Investments (€Mn)