Lebanon has applied to become a member of the European Bank for Reconstruction and Development, the bank confirmed to Reuters on Friday, with a decision on final approval expected by the middle of next month.

 

An EBRD spokesman said the Lebanese finance ministry first requested membership back in July and that the bank's shareholder governments would make a formal decision at the same December meeting that China is set to join the bank.

 

The application from Lebanon, traditionally one of the banking centers of the Middle East, comes as refugees flood across its borders from civil war-hit Syria, heavily straining its resources.

 

If Beirut's membership is approved by the EBRD as expected, it would then be able to apply to become a recipient of EBRD funding and investment, something likely to happen next year.

 

"The application is for membership and from there we would then see about becoming a country of operation," the EBRD spokesman said.

 

The development bank already operates in nearby Jordan and Egypt and in Turkey which is also seeing a big influx of refugees from Syria.