China joins London-based development bank

China has become the 67th shareholder of the European Bank for Reconstruction and Development (EBRD). The London-based bank provides financial investments in areas including energy and sustainability as well as […]

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By Priyanka Shrestha

China has become the 67th shareholder of the European Bank for Reconstruction and Development (EBRD).

The London-based bank provides financial investments in areas including energy and sustainability as well as business services in an effort to promote innovation, growth and transparency.

Infrastructure and energy represents around 48% of the EBRD’s portfolio at just under €20 billion (£15.3bn) , 40% of which is in the private sector.

It is currently active in more than 30 countries.

EBRD President Sir Suma Chakrabarti is currently in Beijing to finalise the details of the membership and is holding talks with Chinese Premier Li Keqiang among others.

ebrd

The bank would support Chinese integration into the global economy while China “will become an important new source of investment finance for development in the countries where the EBRD is active”, it stated.

Speaking ahead of his visit, Sir Suma said: “Chinese membership of the EBRD is a win-win-win scenario – for China, for the EBRD and for the countries where the EBRD invests.”