EBRD Extends Capital Increase Deadline Amid US Negotiations

The European Bank of Reconstruction and Development extended the deadline for its shareholders to subscribe to a 2023 capital increase, with discussions ongoing with its largest shareholder, the United States. The bank's President, Odile Renaud-Basso, emphasized green energy and expansion into Africa despite political uncertainties.

The European Bank of Reconstruction and Development (EBRD) has announced an extension of the deadline for shareholders to subscribe to its 2023 capital increase. This decision follows discussions with its largest shareholder, the United States, according to EBRD President Odile Renaud-Basso.

Over 60% of the bank's 75 shareholders have either paid in or are in the process of doing so for the approved capital increase. The United States, as the largest shareholder with a 10% stake, now has additional time to participate. Renaud-Basso confirmed the deadline extension until the year's end, citing a need for flexibility.

Amid geopolitical tensions and uncertainties, the EBRD plans to prioritize green energy transitions and support for expanding human capital, especially women in business. Additionally, the bank aims to begin operations in Nigeria, Ivory Coast, and Benin, broadening its reach into Sub-Saharan Africa.

(With inputs from agencies.)