Memorandum of Understanding signed today in India
The European Bank for Reconstruction and Development (EBRD) and the Federation of Indian Chambers of Commerce and Industry (FICCI) signed a Memorandum of Understanding today in New Delhi.
The MoU will allow the two institutions to explore new opportunities for cooperation in a number of areas.
FICCI, established in 1927, is the largest and oldest leading business organisation in India. It serves its members from the Indian private and public corporate sectors and multinational firms, drawing its strength from diverse regional chambers of commerce and industry across states, and reaching out to over 250,000 companies.
According to the MoU, the parties recognise the importance of promoting open-market economies and agree to increase their efforts to support privatisation, as well as to provide financing for small and medium-sized enterprises (SMEs). Lending to, and co-investing in, projects in the EBRD region to boost energy efficiency, facilitate trade and improve municipal services are also key priorities.
The EBRD and FICCI will now meet on a regular basis to exchange information and to identify and explore business opportunities across the economies where the EBRD invests.
EBRD President Suma Chakrabarti said: “Today’s signing opens a new chapter in relations between the Bank and India. We are always looking for new partners, such as FICCI, to tap into new networks and to learn more.”
Sanjaya Baru, Secretary General of FICCI commented: “FICCI is known as the voice of Indian business and industry. We are very happy to have gained a new partner as prominent as the EBRD, which will help us explore new business opportunities for our members.”
The EBRD 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.
To date, the value of joint India-EBRD investment has reached almost €1billion, mostly in the private sector. The Bank has worked closely with several Indian partners in our countries of operations, including, but not limited to, Tata, EximBank, SREI and Jindal.