Azernews.Az

Armenia has made an unexpected diplomatic move by agreeing to Turkey`s full membership in the European Bank for Reconstruction and Development (EBRD). Armenia and Turkey maintain no diplomatic relations and faces long-standing differences.
Yerevan has withdrawn its veto, explaining the move by its efforts to establish ties with Ankara. This move comes only days after Armenia voted against the measure at a meeting of the EBRD`s board of directors on September 23. All other countries voted for Turkey`s becoming a recipient of EBRD investments. Two days later, however, the Armenian government stated it was in favor of Turkey`s full membership.
The resident board of directors, which represents the bank`s 63 governors, made its decision after a strategic review of the implications of investment in Turkey. The governors will make a final decision by the end of October.
Turkey has been a shareholder in the EBRD since the bank was founded in 1991 and made a request, in April 2008, for a change in its EBRD status to become a Country of Operations. Ankara`s application said the EBRD could contribute to the development of entrepreneurial and open market initiatives in a wide range of sectors across Turkey and such a change would be "immensely beneficial for the bank as well as for Turkey."
EBRD President, Thomas Mirow, said the overwhelming majority in favor of the decision was "an impressive sign of unity" among the shareholders that will further strengthen the institution.
"Support for the further development of a dynamic market economy will be beneficial not only to Turkey, but also help bolster economies in the EBRD region with strong trade and investment links to Turkey, especially in the Balkans, the Caucasus and Central Asia," he said.