EDB and the IIB expand investment cooperation
Almaty, 21 November 2014. The International Investment Bank (IIB) and Eurasian Development Bank (EDB) signed a memorandum of understanding today at the 102nd session of the IIB Council. The document was executed by Nikolay Kosov, Chairman of the Board at the IIB, and Igor Finogenov, Chairman of the Management Board at EDB.
The memorandum provides for establishing close cooperation between these two interstate banks in co-financing investment projects, in particular in the area of SME finance. It sets forth the procedures for the joint selection, preparation and implementation of projects in EDB and IIB member states. The memorandum is aimed at standardising processes associated with the implementation of investment projects, improving efficiency, and reducing lenders and borrowers’ costs.
Proceeding from the investment priorities of both banks, EDB and the IIB will focus in their cooperation on joint projects that will help to strengthen economic ties between their member states, deepen integration of national economies, support the SME sector, and develop their infrastructure sectors. The parties will avail themselves of the opportunity to exchange experience in the arrangement of syndicated loans, credit analysis and transaction structuring.
“The two banks are naturally partners with similar goals,” says Nikolay Kosov, Chairman of the Board at the IIB. “Both European and Asian members of the IIB are very interested in expanding their links with CIS countries. Our enhanced partnership will promote effective and mutually beneficial cooperation between all IIB and EDB member states.”
“The signature of this memorandum means the deepening of cooperation between two interstate financial institutions in the investment sphere,” emphasises Igor Finogenov, Chairman of the Management Board at EDB. “We are ready to build long-term and mutually beneficial relationships with the IIB in a range of directions: trade finance for large companies and banks, support to development projects, and targeted SME finance programmes in the member states of the two banks. I am convinced that based on the agreement we signed today we will begin very soon to implement mutually beneficial projects and programmes.”
Additional Information
The International Investment Bank is an interstate financial institution founded in 1970. The Intergovernmental Agreement on the Establishment of the Bank and its Statutes are registered with the Secretariat of the United Nations. The member states of the Bank are the Republic of Bulgaria, the Socialist Republic of Vietnam, the Republic of Cuba, Mongolia, the Russian Federation, Romania, the Slovak Republic, and the Czech Republic. The Bank focuses primarily on SME finance through the provision of targeted loan facilities to banks in its member states and on the provision of syndicated loans for investment projects in cooperation with major international financial institutions. The Bank has its headquarters in Moscow. Read more at www.iibbank.org.
Press Service of the International Investment Bank:
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.