European Bank for Reconstruction and Development approves India’s membership

The European Bank for Reconstruction and Development (EBRD) has recently approved India’s membership after its shareholders gave their nod to make India its 69th member. The formal membership process will now get underway, which includes the purchase of shares by India at an estimated cost of around €1 million. The London-headquartered EBRD is a multilateral development bank set up in 1991 after the fall of the Berlin wall to promote private and entrepreneurial initiative in emerging Europe. It invests in 38 emerging economies across three continents, according to a set of criteria that aim to make its countries more competitive, better governed, greener, more inclusive, more resilient and more integrated.