
The European Bank for Reconstruction and Development said Monday it had accepted China as a member, handing the world's second biggest economy investment routes into Europe, Africa and Middle East.
"China's membership of the EBRD will open up significant further opportunities for sustainable investment by Chinese groups in the regions where the EBRD works," bank president Suma Chakrabarti said in a statement.
Founded in 1991 to aid central and east European states emerging from Soviet rule to make the transition toward market economies, the bank now oversees development projects in 36 countries, including Ukraine, Egypt and Mongolia.
Some of the countries where the London-based EBRD operates include what China calls the "Silk Road economic belt" where Beijing is developing trade and investment links.
"China could greatly contribute to EBRD as a transition bank by sharing our own experiences of transition," said People's Bank of China Governor Zhou Xiaochuan.
Chinese membership of the institution had been seen as politically sensitive by some, given the EBRD's founding principles include commitment to "multiparty democracy"and "respect for human rights".
Most stakeholders in the bank, jointly owned by its 64 member nations, the European Union and the European Investment Bank, are European countries.
But a raft of non-European states, including the United States and Japan, participate in decision-making.
GMT 09:54 2018 Tuesday ,23 January
Davos-bound bosses very upbeat on world economyGMT 09:37 2018 Tuesday ,23 January
Former KPMG executives charged in accounting oversight scamGMT 22:49 2018 Sunday ,21 January
Brexit special trade agreement possibleGMT 22:46 2018 Saturday ,20 January
China economy rebounds in 2017 with 6.9% growthGMT 22:37 2018 Saturday ,20 January
GE takes one-off hit of $6.2 bn linked to insurance activitiesGMT 19:58 2018 Saturday ,20 January
Watchmakers hope to make Chinese market tickGMT 19:54 2018 Saturday ,20 January
US shutdown unlikely to harm debt rating: FitchGMT 19:50 2018 Saturday ,20 January
EU's Moscovici slams Ireland, Netherlands as tax 'black holes'

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor