Nigeria has officially become the 77th shareholder of the European Bank for Reconstruction and Development, or EBRD — the third of six sub-Saharan African countries set to join the institution.
As other development institutions are scaling back or facing funding constraints, Heike Harmgart, managing director for sub-Saharan Africa at EBRD, told Devex that EBRD’s expansion has been welcomed by African governments.
“Countries have welcomed us warmly in the past, but I think they are welcoming us even more warmly,” said Harmgart.