Mongolia admitance in the EBRD
Amendment to the Agreement Establishing the European Bank for Reconstruction and Development
Title of Treaty
Amendment to the Agreement Establishing the European Bank for Reconstruction and Development in order to admit Mongolia as a country of Operations
About the amendment to the Agreement
The Board of Governors of the European Bank for Reconstruction and Development (EBRD) are proposing that all the shareholders of the Bank accept an amendment to the Agreement Establishing the European Bank for Reconstruction and Development in order to admit Mongolia as a country of Operations.
The “Agreement Establishing the European Bank for Reconstruction and Development” was signed on 29 May 1990.
On 9 October 2000, Mongolia became the 61st member of the Bank, as a non-European Country member. However, as it was neither a Central and Eastern European country, nor a country having previously formed part of a recipient country of the Bank, Mongolia was not admitted as one of the Bank’s countries of operations.
However, the five former Soviet Socialist Republics located in Central Asia became both members of the Bank and countries of operations after the dissolution of the Soviet Union. The Board of Governors recognised each of the newly independent states as eligible for membership in the Bank on the grounds that they had “previously formed part of a country characterised as Central and Eastern European country for the purposes of the Agreement” .
Therefore, in 2001, the Board of Directors decided that, as Mongolia was in the sphere of influence of the former Soviet Union, was located next to the Russian Federation and Kazakhstan and faced difficulties similar to those of other countries of operations of the Bank, the Bank could have a role to play in making available its special expertise in fostering transition towards an open, market-oriented economy and the promotion of private and entrepreneurial initiative in Mongolia. Since then, the Bank has been providing technical assistance to Mongolia, using funds made available through the Mongolia Cooperation Fund.
On similar grounds, the Board of Governors of the Bank decided 30 January 2004, to approve the inclusion of Mongolia as a recipient country of the Bank.
Conclusion
Notes
See Also
References and Further Reading
About the Author/s and Reviewer/s
Author: international
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