80% of EBRD shareholders must agree
The European Bank for Reconstruction and Development is ready to offer a billion euros early next year to Egypt and Morocco if its shareholders agree, EBRD chief Thomas Mirow said on Monday.
Mirow said the bank, founded two decades ago to help build market economies and democracies in former communist nations of eastern Europe "would be ready, if the board agrees in May" to extend such aid to Egypt and Morocco.
With Morocco and Egypt already shareholders of the London-based bank owned by 60-odd countries, the EBRD could decide to set up a special fund if 80 percent of the stakeholders agree.
The billion-euro fund ($1.38 billion), "much of it for Egypt", has already been discussed with the EU’s foreign service headed by Catherine Ashton, he said.