India has now become the 69th member of the European Bank for Reconstruction and Development (EBRD). The European Bank for Reconstruction and Development is an international financial institution which uses investment as a tool to build market economies.
Initially centred on the countries of the former Eastern Bloc it expanded to support development in more than 30 countries from central Europe to Central Asia. The EBRD has members from all over the world with the biggest shareholder being the United States.
“India has become the 69th member of the EBRD, presenting new opportunities for joint investments with Indian corporations in all regions of the organization’s activities,” the press release said on the bank’s website. It is remarked that India has become a shareholder, but will not receive funding from the organization.
The Government of India has applied to join the EBRD in December 2017. The Board of Directors unanimously approved the candidacy of India in March 2018
“We are very proud and happy to welcome India to EBRD, this day opens a new chapter of our relations, allowing us to build further relations on the basis of our close ties,” EBRD head Suma Chakrabarti said.