July 11, 2018 / 1:41 PM / 2 months ago

India's EBRD membership paves way for more joint investment

LONDON (Reuters) - India has joined the European Bank for Reconstruction and Development (EBRD) as the 69th shareholder, paving the way for more joint investment with Indian companies across the EBRD’s regions, the bank said in a statement on Wednesday.

The headquarter of the European Bank for Reconstruction and Development (EBRD) is seen in London, Britain, November 22, Britain 2016. REUTERS/Stefan Wermuth/Files

The EBRD’s board of governors, which represents all existing shareholders, voted unanimously in favour of the country’s application in March 2018.

India takes a shareholding in the EBRD but will not be a recipient of EBRD financing. But it may benefit indirectly through EBRD projects or if Indian companies invest alongside the bank.

The London-based bank has already worked with Indian companies on joint projects worth almost 1 billion euros ($1.18 billion), including investments with Tata, SREI, Jindal, and Mahindra and Mahindra.

($1 = 0.8509 euros)

Reporting by Claire Milhench, editing by Louise Heavens

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