The Union Cabinet on Wednesday approved India's membership for European Bank for Reconstruction & Development (EBRD) to increase the India's competitive strength and profile globally.
India's membership of EBRD had been under consideration of the Government, with India trying to expand its presence on the global developmental landscape beyond its association with the Multi-lateral Development Banks.
"Necessary steps will be initiated by the Department of Economic Affairs to acquire the membership of the EBRD, the release said.
The minimum initial investment towards the membership of EBRD will be approximately one million Euros," Finance ministry said in a release.
The membership of EBRD would enhance India's international profile and promote its economic interests.
It will also boost India's investment opportunities and increase the scope of cooperation between India and EBRD through co-financing opportunities in manufacturing, services, Information Technology, and Energy.
"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," it added.
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