Dmitry Pankin: Multilateral and national development institutions should pool and coordinate efforts to ensure success of SREB projects
Astana, 8 June 2017. The Eurasian Economic Union’s (EAEU) countries need to synchronise efforts to ensure successful implementation of trans-boundary infrastructure projects. Dmitry Pankin, Chairman of the Management Board at Eurasian Development Bank (EDB), stated this at the meeting of the Council of the Shanghai Cooperation Organisation’s (SCO) Interbank Association.
The speaker emphasised that one of the most important tasks in connecting national and regional initiatives to the Silk Road Economic Belt (SREB) project is to create a floor to coordinate initiatives launched by different countries. Multilateral and national development institutions need to pool and coordinate efforts to this end.
“Multilateral development banks operating in the region such as the EBRD, the New Development Bank and the Asian Infrastructure Investment Bank, which are supranational financial institutions and for which integration projects are an absolute priority, should view the SREB initiative as a whole, beyond the boundaries of any single country, and become coordinating floors, especially as regards the connection of countries’ own projects to the SREB,” Dmitry Pankin said.
The head of EDB also pointed out that, in addition to the direct financing of SREB projects with their own funds, an important role of multilateral development banks is to ensure the quality preparation of project documents, mobilise private investment for projects, and devise uniform quality standards for road infrastructure along the entire Europe–Western China route, which is the most important trans-boundary project to Kazakhstan and Russia. “Multilateral development banks should finance SREB projects in cooperation with each other, as well as with national development institutions (including the SREB Fund) and leading state-owned banks,” he added. Dmitry Pankin noted progress in coordinating operations as well. In December 2016, for example, the Eurasian Economic Commission (EEC) compiled a list of priority projects to be implemented by the EAEU countries to support the SREB. “This is just a minor part of the huge work that needs to be done to ensure coordinated implementation of infrastructure projects in the transport, power and telecommunication sectors,” he emphasised. The meeting of the Council of the SCO Interbank Association is taking place on 7-8 June 2017 in Astana (Kazakhstan) in the run-up to the SCO Summit of the Heads of State chaired by Kazakhstan.
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.
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