Kenya and Nigeria are on track to become members of the European Bank for Reconstruction and Development (EBRD), the bank said on Thursday, as the lender continues its expansion into Sub-Saharan Africa.
Shareholders of the bank had approved applications from the two African nations during the multilateral lender's annual meeting in Armenia, the EBRD said in an emailed statement.
They follow in the footsteps of Benin, Côte d'Ivoire, Ghana and Senegal, all of which started their membership applications since October last year.
Both countries, who also requested to become recipients of EBRD financial and advisory services, still have to meet some last pre-membership requirements before the process is fully concluded.
Only Benin has gained full membership so far.
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