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18
June 2018
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European Bank (The Total Investment & Insurance
Solutions)
The European Bank for Reconstruction and
Development (EBRD) today unveiled plans for a first-of-its-kind conference in
India to welcome the country as its newest member. The Total Investment & Insurance Solutions
The inaugural EBRD-FICCI Business Forum in
Mumbai on Friday is themed around 'Mobilising private sector finance in the
EBRD region and how Indian companies can benefit'. The Total Investment & Insurance Solutions
The Federation of Indian Chambers of Commerce
and Industry (FICCI) partnered event is backed by the Export-Import Bank of
India (EXIM) with the aim of bringing together government officials, EBRD
experts, and investors and prominent business people to highlight the
multilateral bank's efforts to mobilise private sector finance in the economies
where it invests, and what the opportunities are for the Indian private sector.
We are very proud to have India on board as a
shareholder. The membership was unanimously approved by our existing
shareholders, said EBRD president Suma Chakrabarti, before he left for India to
address the forum.
India has a very diversified economic base
and therefore very diversified companies, which can fulfil investment needs of
our countries of operation, he said. In the past, EBRD has worked closely with
India and in countries like Russia, Turkey, Romania, and Ukraine.
Chakrabarti feels that India's membership,
which is now its final stages of completion, will open up further investment
prospects in markets in Central Asia, Egypt and Jordan. These markets are not
very well known to Indian companies.
The advantage of membership is that Indian
companies and the Indian government immediately get free access to all of
EBRD's knowledge political, commercial, market and economic knowledge, he
explained.
London-headquartered EBRD is a multilateral
development bank set up in 1991 after the fall of the Berlin Wall to promote
private and entrepreneurial initiative in emerging Europe. The Total Investment & Insurance
Solutions
It invests in 38 emerging economies across
three continents, according to a set of criteria that aim to make its countries
more competitive, better governed, greener, more inclusive, more resilient and
more integrated.
Its Indian-origin president described India's
entry as the bank's 69th member as a personal high point for him, as he nears
the end of his second term in office. He said, In my term as EBRD president,
India the country of my birth becoming a shareholder is a high point for me
personally".
"Also, it is a very good thing for
global governance that India, a leading member of the G20, is now a member of
this institution which is slightly different from the others because of our
private sector focus and mandate.
It makes us quite special, and having India
on board is special as well," he said. Under Chakrabarti, EBRD had also
concluded a joint declaration on the India-led International Solar Alliance
(ISA) last year.
With India now a member, this declaration is
expected to get a further boost in terms of mobilising more finance for solar
energy and taking forward solar energy policy and reforms. The Total Investment & Insurance
Solutions
The Business Forum in Mumbai will include
plenary sessions dedicated to discussing investment opportunities and economic
prospects for the region for EBRD's operation. The bank has worked with leading
Indian companies, such as Tata, Mahindra, SREI and Jindal, on investments in
its regions, with the value of such joint projects worth an estimated 1 billion
euros.
It now hopes to introduce itself to even more
Indian companies to explore newer investment opportunities. With India now
taking a shareholding in EBRD, it is expected that the scope of these joint
initiatives will be further enhanced.
While India will not be a recipient of EBRD
financing, it will benefit from the bank's expertise and support in the region.
We did a mapping exercise which shows that
many Indian companies want to go to these countries of operation and need a
safe and sound partner, something the EBRD provides, said Chakrabarti.The Total Investment & Insurance
Solutions
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