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National News

Jul 12, 2018
8:01AM

India becomes 69th shareholder of European Bank for Reconstruction & Development


India has become the 69th shareholder of the European Bank for Reconstruction and Development, paving the way for more joint investment with Indian companies across the bank's regions of operation. 

European Bank President Suma Chakrabarti said in London yesterday that India had applied for the membership in December 2017. The Board of Governors, voted unanimously in favour of the country's application in March 2018, with the entire membership process completed this week. 

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.

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