Indian Prime Minister Narendra Modi.

India has become the 69th shareholder of the European Bank for Reconstruction and Development (EBRD), paving the way for more joint investment with Indian companies across the EBRD’s regions.

The Indian government applied for EBRD membership in December 2017. The EBRD Board of Governors, which represents all of the existing shareholders, voted unanimously in favour of the country’s application in March 2018.

India takes a shareholding in the EBRD but it will not be a recipient of EBRD financing.

EBRD President Sir Suma Chakrabarti welcomed India as the Bank’s 69th shareholder today, saying that this step would benefit both the Bank and the country: “We are very proud and happy to welcome India to our Bank,” he said. “This day opens a new chapter in our relations, allowing us to build further on already very close ties.”

The EBRD held its inaugural business forum in Mumbai on June 22, 2018, to mark India’s membership of the Bank.

The conference, co-hosted with the Federation of Indian Chambers of Commerce and Industry (FICCI) and with the support of the Export-Import Bank of India, was held under the banner of: “Mobilising private sector finance in the EBRD region and how Indian companies can benefit”.

The EBRD has long worked with top-class Indian companies on investments in the EBRD’s countries of operations, which comprise 38 economies stretching across three continents. The Bank has cooperated with Indian enterprises on joint projects worth almost €1 billion, including investments with Tata, SREI, Jindal and Mahindra and Mahindra.

The EBRD is also working closely with leading Indian organisations, such as FICCI, the Confederation of Indian Industry (CII), the Associated Chambers of Commerce and Industry of India (ASSOCHAM), and the International Solar Alliance (ISA).

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