Union Cabinet approves India's Membership for European Bank for Reconstruction & Development

Nov 23, 2017 09:57 IST
Union Cabinet approves India's Membership for European Bank for Reconstruction & Development

The Union Cabinet on 22 November 2017 approved India's Membership for European Bank for Reconstruction & Development (EBRD).

The Department of Economic Affairs under the Union Ministry of Finance has been tasked to acquire the membership of the EBRD.

Impact of India's Membership for European Bank for Reconstruction & Development
• It will enhance India's international profile and promote its economic interests.
• It will provide access to EBRD's Countries of Operation and offer sector knowledge.
• It will increase the scope of cooperation between India and EBRD through co-financing opportunities in manufacturing, services, Information Technology, and Energy.
• It will help India leverage the technical assistance and sectoral knowledge of the bank for the benefit of development of private sector.
• It will 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.
• It will open up new panorama for Indian professionals on the one hand, and give a boost to Indian exports on the other.
• It will enable Indian nationals to get the employment opportunity in the Bank.

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The minimum initial investment towards the membership of EBRD will be approximately 1 million Euros. This assumption is based on India's decision to buy the minimum number of shares (100) required for obtaining the membership.

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