BEIJING - 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 join the bank as a non-recipient country.

After going through a series of legal procedures domestically, China will become a shareholder of EBRD. The People's Bank of China (PBOC), the central bank, said the move will boost the Belt and Road Initiative.

"China's membership of the EBRD will facilitate exchange of experience on transition and development, provide new cooperation opportunities for China and countries along the Silk Road Economic Belt, and promote cooperation between China and other members of EBRD," said the PBOC.

Established in 1991 and headquartered in London, the EBRD is one of the world's most important international financial institutions for development that invests and operates in 36 countries including those located along the Silk Road Economic Belt.

China's membership of the EBRD is a win-win choice that will benefit various sides, the PBOC said. After joining the EBRD, China will fulfill its obligations, actively take part in the EBRD's activities, and strengthen cooperation with the EBRD and its members through experience sharing, co-financing programs and development assistance.

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."