Cabinet approval of India’s Membership for European Bank for Reconstruction & Development

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Question: Recently, Union Cabinet chaired by the Prime Minister Narendra Modi has approved India’s Membership for European Bank for Reconstruction & Development (EBRD). Where is headquarter of the EBRD located?
(a) Brussels
(b) London
(c) Rome
(d) Paris
Answer: (b) 
Related Facts:

  • On November 22, 2017, 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.
  • From its membership, India will have the following benefits:
  • Membership of EBRD would enhance India’s international profile and promote its economic interests. Access to EBRD’s Countries of Operation and sector knowledge.
  • India’s investment opportunities would get a boost.
  • It would increase the scope of cooperation between India and EBRD through co-financing opportunities in manufacturing, services, Information Technology, and Energy.
  • EBRD’s core operations pertain to private sector development in their countries of operation. The membership would help India leverage the technical assistance and sectoral knowledge of the bank for the benefit of development of private sector.
  • This would contribute to an improved investment climate in the country.
  • 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.
  • This would open up new vistas for Indian professionals on the one hand, and give a fillip to Indian exports on the other.
  • Increased economic activities would have the employment generating potential.
  • It would also enable Indian nationals to get the employment opportunity in the Bank.
  • EBRD was established in 1991.
  • Headquarter of EBRD is located in London (U.K.)
  • Currently its chairman is Sir Suma Chakrabarti.

Reference:
http://pib.nic.in/newsite/PrintRelease.aspx?relid=173734
http://www.ebrd.com/corporate-information/london-headquarters.html
http://www.ebrd.com/who-we-are.html