The European Bank for Reconstruction and Development (EBRD) said on Thursday that Iraq has become its 74th member.

Iraq initially applied to join the bank in 2018. Now that it is a shareholder, it may seek to become a beneficiary economy and get EBRD funding and policy support.

The President of the EBRD, Odile Renaud-Basso, mentioned in a statement that the bank is looking forward to starting work in Iraq and applying its expertise to developing Iraq’s economy when the time comes.