The shareholders of European Bank for Reconstruction and Development (EBRD) have given their approval for India's membership in the international financial institution.
a. Ottawa
b. Brussels
c. London
d. Beijing
- After India becomes the 69th member of EBRD, Indian companies can undertake joint investments in regions in which the EBRD operates. The decision is followed by Indian government’s application to seek the EBRD membership back in December 2017.
- Now to initiate the formal membership, India will purchase the shares at an estimated cost of around €1 million.
About European Bank for Reconstruction and Development
EBRD is a multilateral development bank established in 1991 during the dissolution of the Soviet Union. It is headquartered in London and uses the investment to build market economies. It supports development in more than 30 countries from central Europe to central Asia. Though it has members from all around the world, it only lends regionally in its countries of operations. The EBRD mandates to work only in countries that are "committed to democratic principles". It promotes "environmentally sound and sustainable development", and does not finance "defense-related activities, the tobacco industry, selected alcoholic products, substances banned by international law and stand-alone gambling facilities.".Expected Questions
Where is the headquarter of European Bank for Reconstruction and Development located?a. Ottawa
b. Brussels
c. London
d. Beijing
