EDB Council approves the Bank's performance in 2012 and plans for 2013
Almaty, 7 December regular meeting of Eurasian Development Bank’s (EDB) Council took place in Minsk on Friday. The attendees were Vache Gabrielyan, Minister of Finance, from Armenia; Bolat Zhamishev, Minister of Finance, from Kazakhstan; Anton Siluanov, Minister of Finance, from Russia; and Safarali Nadjimiddinov, Minister of Finance, from Tajikistan.
The Bank’s Council elected Anton Siluanov as its Chairman. In September 2012 Dmitry Medvedev, Chairman of the Russian Government, appointed Anton Siluanov Russia’s authorised representative in the EDB Council instead of Sergei Storchak, Deputy Minister of Finance.
Kanat Dosmukametov, Managing Director for Project Activities, was appointed Deputy Chairman of the Bank’s Management Board.
The Council reviewed the Management Board’s project report
for 2012. Speaking about the key figures of this document, Igor Finogenov,
Chairman of the EDB Management Board, said that this year fourteen new projects
were added to the Bank’s investment portfolio. As at 1 December 2012 EDB’s
portfolio grew by US $1.2 billion compared with the beginning of the year, to
US $4.63 billion. «Therefore, the main investment objectives set by the Bank’s
shareholders in its strategy for
The Council discussed those EDB’s investment projects presented by the Management Board that pertain to the Council’s competency.
In particular, it approved the investment project to construct and commission a small-section wire mill at the Byelorussian Metallurgical Plant for a total of up to €141 million. The project is a part of the investment programme to upgrade the plant’s production facilities. The proposed wire mill is expected to manufacture 700,000 tonnes of finished products a year.
The project is designed to optimise the plant’s production (steel works and mills) in order to reduce the share of semi-finished products with a low added value in sales and to supply wire products to the plant’s own metalware facility.
In addition, the Bank approved the investment project to create a single automated traffic control system in Kazakhstan’s rail sector (Transtelecom) to the tune of up to 32 million tenge (approximately US $206.9 million). The project envisages the laying of a fibre optic line to connect Kazakhstan’s regions. This will help develop Transtelecom’s communication network and enhance the international transit capacity with Russia, Kyrgyzstan and Uzbekistan.
The project also provides for the creation of an automated control system for supplying fuel and power to locomotives. To this end Kazakhstan Temir Zholy’s diesel and electric locomotives will be equipped with high-precision fuel and power meters.
The Council also approved the Bank’s budget for 2013.
The next meeting of the Bank’s Council is preliminarily planned for May 2013 and will take place in Moscow.
Additional Information
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.