EDB and FGC UES sign cooperation agreement

Almaty, 25 June 2012. Eurasian Development Bank (EDB) signed a cooperation agreement with the Federal Grid Company of the Unified Energy System (FGC UES) in the framework of the St. Petersburg International Economic Forum. The document was signed by Igor Finogenov, Chairman of the EDB Management Board, and Oleg Budargin, Chairman of the Management Board of FGC UES.

The agreement aims to establish long-term cooperation in financing investment projects that promote the improvement of energy efficiency of the Unified National Energy Network (UNEN) and the removal of infrastructural barriers to the economic growth of the Common Economic Space through the construction and reconstruction of UNEN facilities.

Additional Information

FGC UES (www.fsk-ees.ru) was set up in accordance with the programme for the reform of the electric power sector as a monopolist operator of the Unified National Energy Network (UNEN) with the purpose of its maintenance and development. FGC has electric power facilities in 73 regions of Russia, with a total area of more than 13.6 million sq km. The company operates 125,300 km of transmission lines and 856 substations with a total installed transformer capacity of over 322,600 MVA and voltages from 35 to 1,150 kV. The company employs over 23,000 people.

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.