Union Cabinet chaired by Prime Minister Narendra Modi has approved India's Membership for European Bank for Reconstruction & Development. Membership of the EBRD would enhance India's international profile and promote its economic interests and contribute to an improved investment climate in the country. It would increase the scope of cooperation between India and EBRD through co-financing opportunities in manufacturing, services, Information Technology, and Energy.|EBRD's core operations pertain to private sector development in their countries of operation.