Statement from Assistant Secretary for International Trade and Development Alexia Latortue on the European Bank for Reconstruction and Development Annual Meetings

WASHINGTON – The United States applauds the productive Annual Meetings of the European Bank for Reconstruction and Development (EBRD) and welcomes the re-election to a second term of President Odile Renaud-Basso after a successful first term of leading the institution successfully through tumultuous times. As the EBRD’s largest shareholder, we welcome the membership of Iraq and also warmly welcome Benin as EBRD’s 75^th member and first sub-Saharan African member, demonstrating progress toward EBRD’s limited expansion of private sector-focused operations into sub-Saharan Africa.

The EBRD is an indispensable partner for delivering economic stability and security that benefits American consumers and safeguards America’s security through the development of vibrant market economies. In December of last year, EBRD shareholders approved a €4 billion capital increase that will allow EBRD to continue supporting resilience, recovery, and reconstruction in Ukraine.  Under President Renaud-Basso’s leadership, the EBRD will increase its support to Ukraine’s private sector, strengthen energy and food security for Ukrainians, and help maintain Ukraine’s vital infrastructure.  The capital increase will deepen 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, facilitating their transition to market economies, promoting growing and thriving private sectors, and helping to manage the negative spillovers of Russia’s war on Ukraine.  And, with the expected expansion of EBRD into six countries in Sub-Saharan Africa and Iraq, the EBRD is well-positioned to continue to deploy its expertise, policy support and financing to support private sector-led growth in key partner countries.

During the Annual Meetings, EBRD Governors reflected on progress made on EBRD’s Evolution journey, including an enhanced focus on green finance and private capital mobilization, and provided input to Management as they prepare the EBRD’s next five-year strategic plan.

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