The European Bank for Reconstruction and Development (EBRD) said this morning that it inked a deal with the Confederation of Indian Industry (CII) aimed at working more closely together as well as to “strengthen the cooperation between two organizations and facilitate co-financing opportunities.”
The Memorandum of Understanding was signed and a statement was issued following an annual meeting of the CII in New Delhi on Monday.
Phil Bennett, first vice president of the EBRD said in the statement that it is “very important for us to bring the expertise of Indian corporations to the support of countries that are still making the transition to market economies.” The EBRD was established in the early 1990s to help countries transition into more global, market economies.
To date, the EBRD has invested over $943 million, or 870 million euros, in India in a variety of sectors, but with a focus on infrastructure and energy. For textiles and apparel firms, these investments will help make these companies more globally competitive.