London: It took almost two years, but Lebanon has finalised its membership of the European Bank for Reconstruction and Development the bank said.
It applied to become a member in July 2015, saying that the development bank’s support would help it boost sustainable growth and strengthen the economy. Lebanon has seen refugees flood across its border to escape the war in Syria, putting a heavy strain on resources in a country already struggling to overcome internal divisions and long periods of political paralysis. Alain Bifani, director general of the country’s Ministry of Finance tweeted: “After two years of perseverance, #Lebanon is finally a member of #EBRD! Congratulations #Lebanon, #EBRD, and team!!!”
The EBRD confirmed it had received an e-mail from Lebanon that the official steps had now been completed.
It means it should be able to start lending and working in the country in around a month’s time once it receives a written version of membership documents and its shareholder governments rubberstamp the next step of becoming a “country of operation”.
