India was 11 July 2018 formally announced as the 69th shareholder of the European Bank for Reconstruction and Development (EBRD), paving the way for more joint investment with Indian companies across the bank’s regions of operation.
The Indian government had applied for EBRD membership in December 2017. The EBRD board of governors, which represents all the existing shareholders, voted unanimously in favor of the country’s application in March 2018, with the entire membership process completed this week. India takes a shareholding in the EBRD 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 Mumbai last month. The conference, co-hosted with the Federation of Indian Chambers of Commerce and Industry (FICCI) and with the support of the Export-Import (EXIM) Bank of India, was held under the banner of Mobilising private sector finance in the EBRD region and how Indian companies can benefit.
The EBRD is also working closely with leading Indian organizations, such as FICCI, the Confederation of Indian Industry (CII), the Associated Chambers of Commerce & Industry of India (ASSOCHAM), and the International Solar Alliance (ISA).