China Officially Joins European Bank for Reconstruction and Development

MOSCOW (Sputnik) — China has officially joined the European Bank for Reconstruction and Development (EBRD) becoming its 67th member, the bank's chief said on Friday.

"This is a very important step for the Bank, for the countries where the EBRD invests and also for China. We are opening up a new chapter of cooperation that will be of benefit to all parties," the EBRD President Sir Suma Chakrabarti said in a statement,

The announcement was made after a meeting between Chakrabarti and Chinese Premier Li Keqiang in Beijing.

The EBRD is an international financial institution founded in 1991 to support countries of the former Eastern Bloc in the process of establishing their private sectors. It offers "project financing" for banks, industries and businesses, both for new ventures or existing companies. It finances a wide range of areas, except for the defense-related activities, the tobacco industry, selected alcoholic products, internationally banned goods and gambling facilities.

The EBRD chief described Chinese membership of the bank as a "win-win-win" scenario, adding that it will support China as its companies invest in the EBRD regions.

In December, the bank approved China's membership application. EBRD then expressed its readiness to work with the new Beijing-based Asian Infrastructure Investment Bank (AIIB).

The EBRD President is scheduled to attend the AIIB’s inauguration ceremony on Saturday.