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Politics

Cabinet approves India’s Membership for European Bank for Reconstruction & Development

Parijat Tripathi

• Last Updated: November 22, 2017, 2:52 PM

The Union Cabinet chaired by the Prime Minister Narendra Modi has approved India’s Membership for European Bank for Reconstruction & Development (EBRD). Necessary steps will be initiated by the Department of Economic Affairs, Ministry of Finance to acquire the membership of the EBRD.

The minimum initial investment towards the membership of EBRD will be approximately €1 (one) million. However, this assumption is based on India deciding to buy the minimum number of shares (100) required for obtaining the membership. If India were to buy a higher number of Bank shares, the financial implications could be higher. In-principle approval of the Cabinet at this stage is being obtained for joining the Bank.