A significant shift in the global financial architecture is underway as Kenya and Senegal proudly become the newest shareholders of the European Bank for Reconstruction and Development (EBRD). This momentous inclusion swells the ranks of the Bank's members to a total of 79, signaling a strategic and welcomed expansion of its operations into sub-Saharan Africa. The journey for both nations began with formal requests to join the EBRD, submitted by Kenya in March 2024 and Senegal in October 2023, culminating in their respective memberships being approved by the Board of Governors in May 2024 and February 2024. Crucially, their applications also included requests to become recipient countries, a process the Bank is now actively advancing.
This expansion into new territories was made possible by a landmark decision at the EBRD’s 2023 Annual Meeting in Samarkand. During this meeting, the Board of Governors formally approved an amendment to Article 1 of the Agreement Establishing the EBRD, a critical step that now enables the Bank to operate in sub-Saharan Africa and Iraq. The necessary threshold for this amendment to take effect was reached in April, and the amended Article 1 has since officially entered into force. Following this pivotal change, Benin, Côte d’Ivoire, and Nigeria have also formally transitioned to recipient country status, further broadening the EBRD's footprint in the region.
EBRD President Odile Renaud-Basso expressed profound delight at this development, stating, “I am delighted to welcome Kenya and Senegal as shareholders of the Bank". She emphasized the strategic importance of this milestone, noting, “This is a pivotal step towards beginning our investments in sub-Saharan Africa and we are committed to starting work in the region this year". The Bank is eager to leverage its extensive expertise to "drive sustainable economic growth through robust private-sector development and meaningful policy dialogue,” promising a hands-on approach to fostering economic vitality.
Leaders from both new member countries echoed this optimism. Kenya’s Cabinet Secretary for the National Treasury and Economic Planning, John Mbadi Ng’ongo, highlighted the transformative potential. He remarked, “This development marks a significant milestone in the country’s deepening integration into the global financial architecture and reflects renewed international confidence in Kenya’s macroeconomic trajectory and institutional reform agenda". Ng'ongo views this as a partnership poised to "strengthen our development institutions, enhance investors’ confidence and support the delivery of transformative programmes that benefit all Kenyans”. Similarly, Senegal’s Minister of Finance and Budget, Cheikh Diba, underscored the strategic advantages for his nation. “This membership marks a strategic turning point for the country’s international influence and the expansion of its economic partnerships. It demonstrates, once again, the renewed confidence in our country,” he stated, emphasizing Senegal's commitment to "sustainable growth, supported by private investment for the systemic transformation of our economic fabric”.
With 77 national shareholders, alongside the European Union and the European Investment Bank, the EBRD's core mission remains steadfast: supporting economies in transition through a unique combination of investment, advisory work, and policy reform. The Bank's focus on developing the private sector and catalyzing sustainable change aims to leave an enduring legacy for future generations. While currently intensifying efforts to support Ukraine, the EBRD simultaneously strives to empower all its economies to become greener, more inclusive, and more digital.
