EDB and the CIS Electrical Energy Council agree to cooperate in preparing integration projects for the power sector
Almaty, 20 June 2013. Eurasian Development Bank (EDB) and the CIS Electrical Energy Council (CIS EEC) signed a memorandum of cooperation today. The document was executed by Igor Finogenov, Chairman of the EDB Management Board, and Alexander Novak, President of the CIS EEC, at the St. Petersburg International Economic Forum.
The parties agreed to promote cooperation in the following areas:
«The advancement of trans-border electricity supplies will determine, to a significant extent, the future of the electric power sector in the CIS, since they will make it possible to use energy resources more efficiently, improve the reliability of energy supplies and reduce impact on the environment,» says Igor Finogenov. «The joint preparation and promotion by Eurasian Development Bank and the CIS Electrical Energy Council of long-term investment projects in the region’s electric power sector will contribute to sustainable economic development of the CIS countries and deepen their economic integration.»
Additional Information
The CIS Electrical Energy Council (CIS EEC) was established in 1992 in accordance with the Agreement on the Coordination of Interstate Relationships in the Area of Electrical Power in the CIS as an intergovernmental authority. Its most important objective is to create a legal framework for the CIS member states in the area of electrical power. The CIS EEC has the aim to arrange joint and coordinated activities on the part of the CIS member states in the electric power sector in order to ensure sustainable and reliable power supplies to their economies and population based on the effective operation of the united electric power systems of the CIS member states. At present, nine, out of eleven, national power systems of the CIS states operate in the synchronous parallel mode. In addition, the interconnected CIS power systems operate in parallel with the power systems of Latvia, Lithuania, Estonia and Mongolia and exchange electricity with the power systems of Armenia, Norway, Finland, Poland, Slovakia, Hungary, Turkey, Iran, Afghanistan and China.
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 about EDB at https://www.eabr.org