Ireland will join the council of the European Development Bank if legislation permitting entry is successfully passed, the Government said today.
The Government said the move is part of the continued commitment by Ireland to "assist in the economic development of countries less fortunate than ourselves."
Membership of the bank has been proposed by the Minister for Finance, Mr McCreevy.
As a future member of the council of the bank, Ireland will be called upon to contribute to the capital of the bank and this is estimated at present to cost some €13 million, a statement from the Department of Finance said today.
The bank specialises in financing development projects in countries preparing for entry to the European Union. Since 1994 14 transition countries mainly in Eastern Europe have joined the bank.
By the end of June 2001, 49 projects had been improved in favour of this area, representing a total of almost €1 billion.