India became 69th member of European Bank for Reconstruction and Development (EBRD), which is headquartered in

2018

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

India became 69th member of ’European Bank for Reconstruction and Development (EBRD), which is headquartered in

A	Paris
B	Rome
C	Berlin
D	London

Explanation:

Detailed explanation-1: -India formally became the 69th shareholder of the European Reconstruction and Development Bank (EBRD) on 11 July 2018. This will help the bank make more joint investments with Indian companies in the area of operations. EBRD is a multilateral development “Investment Bank” and is headquartered in “London".

Detailed explanation-2: -The European Bank for Reconstruction and Development (EBRD), the first international financial institution of post-Cold War Europe, was founded in 1991 to ease the path of the former communist countries of Central and Eastern Europe (CEE) and the former Soviet Union from planned to free-market economies.

Detailed explanation-3: -Headquartered in London, the EBRD is owned by 71 countries and two European Union institutions, the newest shareholder being Algeria since October 2021.

Detailed explanation-4: -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.

Detailed explanation-5: -The value of joint India-EBRD investment stood at €872.4 million as of end of January 2021. EBRD finance accounted for €696.9 million, and India investment accounted for €175.5 million. The joint investment has been in Turkey, followed by Romania and Ukraine.

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