India to be the member of European Bank for Reconstruction & Development (EBRD)

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The Union Cabinet, chaired by Prime Minister Narendra Modi, today approved India's membership for EBRD (European Bank for Reconstruction and Development). The ministry of financial affairs will soon initiate the necessary steps to acquire the membership.

Advantages for India being a member of EBRD

• Membership of EBRD would enhance India's international profile and promote its economic interests. Access to EBRD's Countries of Operation and sector knowledge.
  
• India's investment opportunities would get a boost.
• It would increase the scope of cooperation between India and EBRD through co-financing opportunities in manufacturing, services, Information Technology, and Energy.
• EBRD's core operations pertain to private sector development in their countries of operation. The membership would help India leverage the technical assistance and sectoral knowledge of the bank for the benefit of development of private sector.
• This would contribute to an improved investment climate in the country.
• The membership of EBRD would enhance the competitive strength of the Indian firms, and provide an enhanced access to international markets in terms of business opportunities, procurement activities, consultancy assignments etc.
• This would open up new vistas for Indian professionals on the one hand, and give a fillip to Indian exports on the other.
• Increased economic activities would have the employment generating potential.
• It would also enable Indian nationals to get the employment opportunity in the Bank.

Important Details you should know about EBRD

• The European Bank for Reconstruction and Development (EBRD) is an international financial institution that supports projects in over 30 countries, from eastern Europe to central Asia and the southern and eastern Mediterranean.
• The EBRD is owned by 65 countries and two intergovernmental institutions: the European Union and the European Investment Bank (EIB).
• The EBRD’s main advantages, compared with private commercial banks, lie in its willingness and ability to bear risk, as a result of its shareholder base.
• President of EBRD : Suma Chakrabarti
• Official languages of EBRD : English, Russian, German and French
• Location : London
• Recent Member : Lebanon (Joined on 17th July 2017) 

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