Union Cabinet gives green signal to India's Membership for European Bank for Reconstruction and Development

New Delhi, Nov 22 (KNN) The Union Cabinet chaired by Prime Minister Narendra Modi recently approved the pending India's Membership for European Bank for Reconstruction and Development (EBRD).

The Finance Ministry in a statement informed about the latest development.

Necessary steps will be initiated by the Department of Economic Affairs, Ministry of Finance to acquire the membership of the EBRD, the release added.

With regard to the expected impacts, India's Membership of EBRD is expected to enhance India's international profile and promote its economic interests. Access to EBRD's Countries of Operation and sector knowledge.

Also India's investment opportunities is likely to get a boost.

India joining the membership is expected to increase the scope of cooperation between India and EBRD through co-financing opportunities in manufacturing, services, Information Technology, and Energy.

Also the EBRD's core operations pertain to private sector development in their countries of operation. The membership would help India leverage the technical assistance and sectoral knowledge of the bank for the benefit of development of private sector.

The government expects a well enhanced business and knives ecosystem in the country.

The membership of EBRD would enhance the competitive strength of the Indian firms, and provide an enhanced access to international markets in terms of business opportunities, procurement activities, consultancy assignments etc.

With regard to exports, the membership is likely to give a fillip to Indian exports on the other.

The financial implications would spell out as a minimum initial investment towards the membership of EBRD to be approximately €1 (one) million. (With PIB Inputs) (KNN/DA)