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EBRD sends China membership plan to governments for approval

Published 2015-11-11, 05:23 p/m
© Reuters. EBRD sends China membership plan to governments for approval

By Marc Jones
LONDON, Nov 11 (Reuters) - The European Bank for
Reconstruction and Development's management backed China's bid
on Wednesday to become a member of the bank, paving the way for
what is expected to be final approval by shareholder governments
next month.
The EBRD confirmed its president and other top officials
gave the green light for the report on China's membership to be
sent to the bank's board of governors which are mostly the
finance ministers of the 64 countries with stakes in the bank.
If, as expected, they approve the proposal it would give
Beijing a token but symbolic 0.1 percent stake in the EBRD and a
new way of extending its global influence after its recent steps
to boost trade links with Europe and Asia.
China will be paying into the development bank rather than
receiving investment from it. But work the EBRD is already
planning in countries like Kazakhstan overlaps with China's
so-called "One Belt, One Road" initiative.
EBRD President Suma Chakrabarti has said the bank would like
to do joint work with the new China-led Asian Infrastructure
Investment Bank (AIIB).
Set up in 1991 to invest in the former Soviet bloc countries
of eastern Europe, the EBRD has been gradually spreading its
reach in recent years.
It also now invests in Mongolia, Turkey and the economies
affected directly or indirectly by the Arab Spring such as
Morocco, Egypt, Tunisia and Jordan. Most recently it has also
added euro zone crisis countries Greece and Cyprus.

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