Mubasher: Libya joined the European Bank for Reconstruction and Development (EBRD) as a shareholder nation, where the bank engages with investments and policy reforms.

This came after the EBRD’s board of governors approved in 2014 Libya’s membership application, the bank said on Wednesday.

Any move to grant recipient country status to Libya will be made by the EBRD’s shareholders, after assessing the the North African nation’s political, economic and operational conditions.

“We are glad to welcome Libya as a shareholder and look forward to future successful cooperation,” EBRD’s head Suma Chakrabarti said.

With Libya joining, the total count of EBRD shareholders would be 71 countries, as well as the European Union (EU) and the European Investment Bank.