Deputy Chairman of the Management Board at EDB: The Bank has become a key component in the financial infrastructure of integration processes between its member states
Astana, 23 May 2014. Eurasian integration and “practical Eurasianism” make another big step forward with the signature of the agreement on the Eurasian Economic Union. Dmitry Krasilnikov, Deputy Chairman of the Management Board at Eurasian Development Bank (EDB), stated this at the panel session 20th Anniversary of Eurasian Economic Integration of the Astana Economic Forum.
The idea of Eurasian integration in the post-Soviet space and the formation of the Eurasian Union, which was first voiced by Nursultan Nazarbayev in 1994, turned twenty years, said Dmitry Krasilnikov. On the anniversary of this event, the President of Kazakhstan, in his recent speech at the Moscow State University, emphasised how important it was to create and strengthen the institute of finance, service, information and analytical support, including on the basis of EDB.
In this connection Dmitry Krasilnikov told the session participants about the key results of the Bank’s performance. In particular, since 2006 EDB financed 94 investment projects in its member states for a total of approximately US $5.3 billion. The sector structure of the Bank’s portfolio reflects its mission and strategy. Special focus is made on the advancement of industrial infrastructure, primarily energy and transport projects, which are priority sectors accounting for about 67% of all projects.
He also stated that since its establishment EDB has been functioning as an effective and market-oriented financial institution, which is transparent and comprehensible for investors, and credit and rating analysts. “This has become possible as a result of the Bank’s continuous dialogue with the investor community, which we see as a tuning fork that helps us arrange our financial activities in a predictable and investor-friendly fashion,” emphasised Dmitry Krasilnikov. As a result, the Bank’s credit ratings from S&P and Moody’s — BBB/A3 — are higher than the individual sovereign credit ratings of all its member states. Over eight years of operation, the Bank has attracted finance for its investments in international and local capital markets to the tune of US $4.7 billion, which is more than three times as high as its charter capital.
Dmitry Krasilnikov also shared the Bank’s plans to implement its current
Additional Information
Eurasian Development Bank is an international financial institution founded by Russia and Kazakhstan in January 2006 with the mission to facilitate the development of market economies, sustainable economic growth and the expansion of mutual trade and other economic ties in its member states. EDB’s charter capital exceeds US $1.5 billion. The member states of the Bank are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan. Read more at https://www.eabr.org.