The European Bank for Reconstruction and Development (EBRD) has approved Nigeria, Ivory Coast, and Benin as new member states for investment.
This decision by the EBRD board opens the door for significant financial backing.
The move marks a formal expansion into Sub-Saharan Africa for the development finance institution.
EBRD President Odile Renaud-Basso stated the bank will leverage its resources and expertise to boost these economies.
She added that this will complement the work of existing development partners.
The EBRD board formally approved recipient country status for the three West African nations at its annual meeting on Thursday.
Investments are set to commence shortly after a treaty amendment in July.
Kenya, Ghana, and Senegal are also under consideration for EBRD membership.
These countries still need to fulfill pre-membership requirements.
Established in 1991, the EBRD initially focused on rebuilding Eastern Europe.
It has since expanded its operations to regions including the Middle East and Mongolia.