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India formally becomes shareholder of European development bank

Press Trust of India  |  London 

was today formally announced as the 69th shareholder of the for Reconstruction and Development (EBRD), paving the way for more joint investment with Indian companies across the bank's regions of operation.

The had applied for membership in December 2017. The board of governors, which represents all the existing shareholders, voted unanimously in favour of the country's application in March 2018, with the entire membership process completed this week.

We are very proud and happy to welcome to our This day opens a new chapter in our relations, allowing us to build further on already very close ties, said EBRD's Indian-origin

takes a shareholding in the but it will not be a recipient of EBRD financing.

In the lead up to the membership, the EBRD held its inaugural business forum in last month. The conference, co-hosted with the (FICCI) and with the support of the Export-Import (EXIM) of India, was held under the banner of Mobilising private in the EBRD region and how Indian companies can benefit.

The EBRD has already cooperated with Indian enterprises on joint projects worth almost 1 billion euros, including investments with Tata, SREI, and and

The EBRD is also working closely with leading Indian organisations, such as FICCI, the (CII), the Associated Chambers of Commerce & Industry of India (ASSOCHAM), and the (ISA).

London-headquartered EBRD is a set up in 1991 after the fall of the Berlin Wall to promote private and entrepreneurial initiative in emerging It invests in 38 emerging economies across three continents, according to a set of criteria that aim to make its countries more competitive, better governed, greener, more inclusive, more resilient and more integrated.

India's membership opens up further joint investment prospects in markets such as Central Asia, and

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, July 11 2018. 21:05 IST