EDB Council Approved Bank’s Strategy until 2013

Moscow, 10 December 2010. On Wednesday, Moscow hosted the session of the EDB Council. The session was attended by Dmitry Pankin, Deputy Minister of Finance of Russia; Bolat Zhamishev, Minister of Finance of Kazakhstan; Iosif Isayan, Deputy Minister of Energy and Natural Resources of Armenia; Nikolai Snopkov, Minister of the Economy of Belarus; and Amondzhon Eshonkulov, First Deputy Chairman of the State Committee on Investment and State Property Management of Tajikistan.

The Council approved the EDB’s second medium-term Strategy for 2011-2013. This Strategy sets the goal of increasing the Bank’s investment portfolio to $4.36 billion by the end of 2013. The Bank’s investment projects are expected to generate a $1.6-billion increment in mutual trade between member states and a $1.2-billion increment in mutual investments in 2011-2013. Under these projects, at least $3.6 billion worth of products must be manufactured annually, and another $4 billion worth of additional production is expected in related industries.

The Council also adopted a number of important resolutions on the Bank’s short-term development, including a budget for 2011.

The Council approved the creation of the EDB’s Centre of Integration Studies in St. Petersburg. This Centre will conduct research and prepare reports and recommendations for the governments of the Bank’s member states on regional economic integration issues.

The Council appointed Sergei Shatalov, Managing Director of the EurAsEC Anti-Crisis Fund, as Deputy Chairman of the Board, and Berik Mukhambetzhanov, Managing Director for Finance, as Member of the EDB Executive Board.