The European Bank for Reconstruction and Development (EBRD) has announced plans to open an office in Nairobi later this year.
The move is part of the bank’s expansion into Sub-Saharan Africa.
According to a statement from Kenya Power, the development was discussed during a high-level meeting on Wednesday, June 11, between EBRD officials and Kenya Power’s senior management, led by acting Managing Director and CEO Eng. Rosemary Oduor.
The EBRD team, headed by Ross Palmer, Associate Director and Senior Banker for Eurasia, the Middle East, and Africa, who is in the country to explore areas of partnership and investment with both public and private institutions.
At the same time, Kenya is also being considered as a future shareholder of the bank, which is currently owned by 75 countries, the European Union, and the European Investment Bank.
Once established, the Nairobi office will serve as the bank’s regional hub for Sub-Saharan Africa, supporting development projects and investments in the region.
“The bank is currently owned by 75 countries from five continents, as well as the European Union and the European Investment Bank.
“Kenya is tipped to be a shareholder of EBRD in the near future,” the statement read in part.
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Other Cleared African Countries by EBRD
In May, EBRD announced that it had cleared new member states in Africa, including Nigeria, Ivory Coast and Benin for investments following approval by the development finance institution’s board.
According to the bank, the move would give the countries access to millions of euros in potential investments from EBRD, and allow the bank’s expansion into Sub-Saharan Africa.
Additionally, during its annual meeting, the European Bank for Reconstruction and Development (EBRD) officially approved recipient country status for three West African nations.
According to the bank, investments will begin once an amendment to its founding treaty takes effect in July.
Kenya, Ghana, and Senegal were also named under consideration for membership, but they must first fulfil certain pre-membership conditions before the process can be finalised.
Also Read: World Bank to Open Offices in Nairobi in New Restructuring
About The European Bank for Reconstruction and Development
The bank was established in 1991 to help Eastern Europe recover after the Cold War.
Since then, it has grown to include countries in the Middle East, North Africa, and Mongolia.
Over the years, it has invested more than 200 billion euros (about $224 billion) and works with governments to improve conditions for businesses to grow.
It teams up with private companies to support projects in areas like natural resources, farming, banking, and infrastructure.
According to President Odile Renaud-Basso, the bank will now focus on helping countries go green, improve how their economies are run, and support people by promoting fairness and equal opportunities.
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