Union Cabinet approves India’s membership for EBRD

The European Bank for Reconstruction & Development (EBRD) is an international financial institution founded in 1991. Its headquarters is located at London, England. It is in news recently because the Union Cabinet, chaired by Prime Minister Narendra Modi, has recently approved India’s membership for the EBRD for which the required steps will be initiated by the Finance Ministry. The membership of EBRD would enhance India’s international profile and promote its economic interests. It would increase the scope of cooperation between India and EBRD through co-financing opportunities in manufacturing, services, information technology and energy.