• The Union Cabinet has approved India’s Membership for European Bank for Reconstruction & Development (EBRD). Department of Economic Affairs, 
• Ministry of Finance will take necessary steps to acquire the membership of the EBRD.
• The membership of EBRD will enhance India’s international profile and promote its economic interests. 
• It will give India access to EBRD’s Countries of Operation and sector knowledge. Moreover, it will boost India’s investment opportunities and also improve investment climate in country.

About EBRD:

• The European Bank for Reconstruction and Development (EBRD) is an international financial institution founded in 1991. As a multilateral developmental investment bank, the EBRD uses investment as a tool to build market economies.
• Initially focused on the countries of the former Eastern Bloc it expanded to support development in more than 30 countries from central Europe to central Asia.
• Besides Europe, member countries of the EBRD are from five continents (North America, Africa, Asia and Australia, see below), with the biggest shareholder being the United States, so the name is somewhat of a misnomer.
• Headquartered in London, the EBRD is owned by 65 countries and two EU institutions. Despite its public sector shareholders, it invests mainly in private enterprises, together with commercial partners.
• The EBRD is not to be confused with the European Investment Bank (EIB), which is owned by EU member states and is used to support EU policy.
• EBRD is also distinct from the Council of Europe Development Bank (CEB).

Source:Economic Times & Wiki