Dmitry Pankin: Consolidation of development banks' efforts will give a new impetus to economic growth
17 June 2016
St. Petersburg, 17 June 2015. "Consolidation of efforts of the existing and newly established multilateral development banks in enhancing economic cooperation can become one of the possible drivers of economic growth," Dmitry Pankin, Chairman of the Management Board at Eurasian Development Bank (EDB), said at the St. Petersburg International Economic Forum (SPIEF). The forum is taking place on 15-16 June 2016 in St. Petersburg.
Dmitry Pankin stated that EDB was cooperating fruitfully with other multilateral development banks (MDBs) and planned to interact actively with the newly established MDBs. EDB is particularly focused on infrastructure development projects with an integration effect. In accordance with the Bank's revised strategy, which was recently approved by its Council, this area will be a priority in its future operations.
MDBs are an important source of finance for investment projects in developing countries. EDB experts estimate that these banks' transaction volumes average some US $200 billion a year.
In his speeches, the head of EDB also paid significant attention to cooperation between the SCO countries. He believes that focus should be not exclusively on trade flows and trade relationships and that intensifying investment cooperation is of no less importance. Investments should be followed by deeper industrial and trade cooperation.
The St. Petersburg International Economic Forum (SPIEF) is the most important annual economic conference in Russia. Starting from 1997, the SPIEF brings together heads of state, finance ministers, chief executives of Russian and foreign companies, financial experts and researchers to discuss economic issues facing Russia and other developing markets. The SPIEF is attended by up to 10,000 participants from more than seventy countries every year.
Additional Information:
Eurasian Development Bank (EDB) 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 totals US $7 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.
EDB Media Center:
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e-mail: pressa@eabr.org
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