Cabinet nod to India’s membership for EBRD

Tribune News Service

New Delhi, November 22

The Union Cabinet has approved India’s membership for European Bank for Reconstruction and Development (EBRD), a move intended to enhance India’s international profile and promote its economic interests.

Steps will be initiated by the Department of Economic Affairs to acquire the membership, Finance Minister Arun Jaitley said after the Cabinet meeting.

The membership of EBRD was under consideration as it was considered appropriate that India should expand its presence on the global developmental landscape beyond its association with the Multi-lateral Development Banks (MDBs) such as the World Bank, Asian Development Bank and African Development Bank. The decision to join the Asian Infrastructure Investment Bank (AIIB) and the New Development Bank (NDB) was taken earlier in this backdrop, an official statement said.

The membership will increase the scope of cooperation between India and the multilateral institution through co-financing opportunities in manufacturing, services, information technology and energy. It will also help India to obtain funding in various areas including services and manufacturing.

“Initially, we will take 100 shares,” Jaitley said, adding that the Finance Ministry will decide on increasing its shareholding through negotiations.

An official statement said it will also help enhance the competitive strength of Indian firms and provide a greater access to international markets in terms of business opportunities, procurement activities and consultancy assignments.