The Egyptian presidency on Wednesday welcomed the decision taken by the European Bank for Reconstruction and Development (EBRD) to grant Egypt the status of "country of operations".

Earlier in the day, EBRD approved to grant Egypt the status of "country of operations", allowing the use of EBRD ordinary capital resources for operations in the meant country.

In a statement on Wednesday, the presidency said the decision is a recognition by all state members of EBRD that Egypt's political and economic transition was now proper and sound.

The presidency looks forward that EBRD's Board of Governors would definitively approve the decision as soon as possible to promote cooperation between the Egyptian government and the bank, according to the statement.

Egypt has been listed as a prospective country of operation since 2013, as it made a request to be granted a recipient country status in 2012.

Having granted the "country of operations" status, Egypt would see momentum in EBRD's activities over the coming period.

The country's private sectors and small and medium enterprises would be developed after the decision.

Following is the full text of the presidential statement:

"The Presidency of the Arab Republic of Egypt welcomes the decision taken today by the board of directors of the European Bank for Reconstruction and Development (EBRD) at its meeting in London to vote in favor of turning Egypt into a country of operation. This came after a unanimous vote in favor of the decision, with the abstention of only one country's vote. This reflects an international recognition by all of the member states on the board of directors of Egypt's sound political and economic transition, given that the establishing agreement of the EBRD emphasizes that countries, where the EBRD operates, must commit to the principles of democracy, political pluralism and a market-led economy.

The Presidency looks forward to the final endorsement of the EBRD board of governors to turn Egypt into a country of operation at the soonest time. This is in order to improve the level of cooperation between the Egyptian government and the EBRD within a permanent and stable institutional framework, especially after the bank's office opened in Cairo last November. The Presidency also looks forward to expanding the scope of cooperation, in light of the promising investment opportunities that the Egyptian market offers, and its wide capacity.

It is worth mentioning that turning Egypt to a country of operation will increase the scope of activities and investment of the EBRD in Egypt as well as its participation in the development process in the near future. This will support and advance the private sector, including small and medium sized enterprises (SMEs), and to finance joint ventures between the private and public sector. The EBRD has unique and wide ranging expertise in these areas, which constitute pivotal aspects of Egypt's development plans".