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India's Membership for EBRD
November 23 , 2017
2412 days
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- The Union Cabinet chaired by PM has approved India's Membership for European Bank for Reconstruction & Development (EBRD)
- Department of Economic Affairs, Ministry of Finance will take necessary steps to acquire the membership of the EBRD
- Membership of EBRD would enhance India's international profile and promote its economic interests.
- India's investment opportunities would get a boost and it would also enable Indian nationals to get the employment opportunity in the Bank.
- India is member of World Bank, Asian Development Bank and African Development Bank.
- It has also joined Asian Infrastructure Investment Bank (AIIB) and New Development Bank (NDB).
- EBRD is an international financial institution founded in 1991 and headquartered in London.
- It is owned by 65 countries and two EU institutions, and US is the biggest shareholder.
- Besides Europe, member countries of the EBRD are also from other continents
- North America - Canada and US
- Africa - Morocco
- Asia - Japan, China, South Korea
- EBRD's core operations pertain to private sector development in their countries of operation.
- The minimum initial investment towards the membership of EBRD will be approximately one million Euros.The EBRD is not to be confused with the European Investment Bank (EIB) which is owned by EU member states and used to support EU policy.
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