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India's EBRD membership paves way for more joint investment

Reuters  |  LONDON 

(Reuters) - has joined the for Reconstruction and Development (EBRD) as the 69th shareholder, paving the way for more joint investment with Indian companies across the EBRD's regions, the said in a statement on Wednesday.

The EBRD's board of governors, which represents all existing shareholders, voted unanimously in favour of the country's application in March 2018.

takes a shareholding in the but will not be a recipient of financing. But it may benefit indirectly through projects or if Indian companies invest alongside the

The London-based bank has already worked with Indian companies on joint projects worth almost 1 billion euros ($1.18 billion), including investments with Tata, SREI, Jindal, and Mahindra and Mahindra.

($1 = 0.8509 euros)

(Reporting by Claire Milhench, editing by Louise Heavens)

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

First Published: Wed, July 11 2018. 19:11 IST