India becomes newest member of European Bank for Reconstruction and Development
India has become the 69th shareholder of the European Bank for Reconstruction and Development (EBRD). This move will enable Indian companies to undertake joint investments in regions in which the EBRD operates. Here, India takes a shareholding in the EBRD but it will not be a recipient of EBRD financing. London-headquartered EBRD is a multilateral development bank set up in 1991 after the fall of the Berlin Wall. It aims to promote private and entrepreneurial initiative in emerging Europe and invests in 38 emerging economies. The EBRD is also working closely with leading Indian organisations, such as FICCI, the Confederation of Indian Industry (CII), the Associated Chambers of Commerce & Industry of India (ASSOCHAM), and the International Solar Alliance (ISA).