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EBRD shareholders approve membership of Benin and Ivory Coast

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The Republic of Benin and Ivory Coast have received approval to join the shareholders of the European Bank for Reconstruction and Development (EBRD).

The two West African nations that applied in July and August, respectively, expressed a desire to receive EBRD financial and advisory services, and will now become new members of the organisation, the lender announced in a statement on Wednesday.

The two must fulfil a few more pre-membership requirements before the EBRD governors can approve the first stage of the membership process, according to the bank.

In an email, President Odile Renaud-Basso said, “We are very happy to welcome Benin and Côte d’Ivoire as our latest members and look forward to them becoming countries of operation as well.”

In May, the Board of Governors of EBRD approved amendments to the bank’s statutes to enable the limited and incremental expansion of its operations to sub-Saharan Africa and Iraq.

The EBRD maintains that its distinct business model provides real added value, which can complement the work of existing development partners and accelerate the transition in sub-Saharan Africa.

Musings From Abroad

Morocco, France seal reconciliation with commercial deals

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As the two nations end years of diplomatic hostilities, Morocco signed a number of economic agreements during French President Emmanuel Macron’s state visit to the country, including an agreement to purchase high-speed trains from the French company Alstom on Monday.

In the last three years, Paris and Rabat have had a tense relationship, particularly because of immigration concerns and the disputed Western Sahara region, which Morocco wants to be recognised as Moroccan by the international world.

Macron paved the way for the reunion in July by supporting Morocco’s stance on Western Sahara after treading carefully to avoid upsetting Morocco’s adversary Algeria. Macron is travelling with about 40 business executives and 12 ministers.

Before the contract signing event at the Moroccan royal palace on Monday, Macron and his wife Brigitte were greeted at the airport by King Mohammed VI, who was walking with a cane in an unusual honour for a foreign visitor.

As Morocco looks to extend an existing line farther south to Marrakech by 2030, Alstom of France and Morocco’s rail operator ONCF struck a deal to purchase 12 high-speed carriages and the option for an additional six.

French energy companies Engie and EDF also inked agreements to grow in the renewable energy space, and TotalEnergies inked a hydrogen agreement, though the exact sum was not immediately made public. Additionally, the shipping corporation CMA CGM revealed plans to invest in a port terminal in Morocco.

Although they did not provide a detailed breakdown, French officials stated that contracts for both parties totalled more than 10 billion euros ($10.8 billion).

Additionally, France hoped the visit would ease tensions surrounding immigration, a contentious subject in France where right-wing groups are pressuring the government to return more undesired migrants to nations like Morocco.

To put pressure on these nations to make it easier for those people to return, Paris decided in 2021 to substantially reduce the number of visas it gives to travellers from North Africa.

 

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Musings From Abroad

Ghana: Ahead of elections, US imposes visa restrictions on those ‘undermining democracy’

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Ahead of Ghana’s December presidential and legislative elections, the United States, on Monday, unveiled a policy restricting visas for those Washington believes are contributing to the country’s democratic decline.

 

“This visa restriction policy would apply only to specific individuals who undermine democracy and is not directed at the Ghanaian people nor the government of Ghana,” U.S. Secretary of State, Antony Blinken, said in a statement.

Ghana’s track record of stability and peaceful elections since switching to multiparty governance in the early 1990s sets it apart from other countries in West Africa.

The nation’s standing as a secure democracy in a turbulent subregion has been emphasised by rising insecurity and democratic backsliding elsewhere in West Africa.

Up until now, the United States and Ghana have maintained cordial ties based on common views on a wide range of foreign policy matters and expanding counterterrorism collaboration.

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