CII and European Bank signed MoU to deepen partnership [ Current Affairs ]
CII (Confederation of Indian Industry) signed a Memorandum of Understanding (MoU) with the European Bank for Reconstruction and Development (EBRD). CII Director General Chandrajit Banerjee and EBRD Vice-President Phil Bennett singed to deepen partnership at a session on Inclusive Business and the way forward as part of the National Conference and Annual Session 2015 held by the CII in New Delhi.
- According to the MoU, the EBRD countries of operations would benefit from the transfer of skills from world-class Indian companies and other side EBRD will be sharing its strong local knowledge with Indian companies that are either moving into the EBRD regions for the first time.
- European Bank has already made 1 billion US dollar investment together with Indian companies and the MoU will help to utilize huge untapped potential in the Indian private sector.
- European Bank for Reconstruction and Development (EBRD) was established in 1991 to support transition to market economies of socialist economies in Eastern Europe and the former Union of Soviet Socialist Republics (USSR).
- Suma Chakrabarti, an Indian origin British civil servant, has been the President of the bank since 2012 and it is owned by 64 countries, the European Union and the European Investment Bank.
- Published on: April 8, 2015