Interfax. EDB, China Development Bank to expand cooperation.

30.06. 2009

Interfax

EDB, China Development Bank to expand cooperation

ALMATY. (Interfax) — The Eurasian Development Bank (EDB) and China Development Bank signed a memorandum of cooperation to make it long-term and mutually beneficial.

«The sides agreed to focus on financing the investment projects and exchanging information in the areas of energy, transport, telecommunications and agricultural infrastructure,» according to the press release.

The sides will exchange reports on economic and financial situation on the global and regional levels, financing risks and the progress in branch-wise development.

In addition, the EDB and China Development Bank plans to create a mechanism for consultations and information collaboration to study projects and discuss plans for joint financing.

The Eurasian Development Bank (EDB) is an international financial institution founded in order to foster economic growth and integration processes in the Eurasian region.

The Bank was founded by intergovernmental agreement that was signed in January 2006 by the Presidents of the Russian Federation and the Republic of Kazakhstan. The initiative for establishing the Bank came from the two Presidents.

The Russian share in the bank’s charter capital amounts to $1 billion. Kazakhstan’s share is equal to $500 million.

Lately Armenia paid its share in the EDB charter capital by transferring $100,000 to the bank’s account.

In December 2008 the Council of the Eurasian Development Bank (EDB) considered applications by Tajikistan, Belarus and Armenia and approved the entrance of these three countries to the Bank.