LONDON, Dec. 14 -- The European Bank for Reconstruction and Development (EBRD) announced Monday that its board of governors had approved a request by the Chinese authorities for China to become a shareholder of the Bank.

"China's membership of the EBRD will open up significant further opportunities for sustainable investment by Chinese groups in the regions where the EBRD works," EBRD president Sir Suma Chakrabarti was quoted as saying in an EBRD statement.

Up to now, EBRD's existing shareholders comprise 64 countries and two international organisations.

The EBRD said in the statement that it saw "a lot of scope for working with Chinese companies on projects in its regions that meet the Bank's criteria for investment."

The EBRD said that it also expressed a readiness to work with the Beijing-based Asian Infrastructure Investment Bank.

The EBRD is committed to furthering progress towards "market-oriented economies and the promotion of private and entrepreneurial initiative." It opened business with headquarters in London in April 1991.