EDB Council approves the Bank’s strategy until 2017

Moscow, 27 June 2013. The regular session of Eurasian Development Bank’s (EDB) Council took place in Moscow yesterday. The participants were David Sarkisyan, Minister of Finance, on the part of the Republic of Armenia; Bolat Zhamishev, Minister of Finance, on the part of the Republic of Kazakhstan; Olga Lavrova, Minister of Finance, on the part of the Kyrgyz Republic; and Anton Siluanov, Minister of Finance, on the part of the Russian Federation.

The Council approved the Bank’s Strategy for 2013-2017, in accordance with which EDB will focus its efforts on the following activities:

Financing projects to develop the energy, transport and municipal infrastructure in the member states;

Providing assistance to improve the economies’ energy efficiency by financing projects to reduce energy consumption by enterprises and improve resource saving indicators; and

Financing projects that promote the advancement of trade and economic ties and mutual investment in order to deepen economic integration between the member states.

The key indicator of the Bank’s activities in the new strategy is an annual value of new projects (an increase in the investment portfolio) of at least US $1 billion as at the end of 2017. The share of projects with an integration effect in the current investment portfolio should be at least 50% and its sectoral structure should reflect the Bank’s strategic and sectoral priorities. The EDB Strategy for 2013-2017 takes account of national strategies and development programmes and sets forth country priorities that reflect the specifics of the Bank’s activities in each of the member states.

“The Bank’s Strategy for 2011-2013 has been completed ahead of schedule,” says Igor Finogenov, Chairman of the EDB Management Board. “By the end of 2012 the investment portfolio reached US $4.6 billion and the current investment portfolio US $3.67 billion. Our investment portfolio has the potential to generate mutual trade between the Bank’s member states to the tune of US $1.6 billion. In addition, it has ensured mutual investments in projects in the amount of US $1.6 billion. We estimate that the Bank’s projects have contributed to the creation of 18,000 jobs and ensured a tax revenue for the member states in the amount of US $588 million.”

“The new EDB strategy covers a longer period. The planning horizon is now five years instead of three. This will help us focus on long-term tasks and reduce the impact of financial markets’ volatility on the Bank’s performance,” emphasise the head of EDB.

The Bank’s Council also reviewed the Management Board’s report on project activities as at mid-March 2013.

In addition, the Council approved the Management Board’s annual report on the Bank’s performance in 2012, the Aggregate Income Statement and the Financial Performance Statement, including the auditor’s report prepared by KMPG Audit, and a number of revised internal regulations.

According to the preliminary resolution, the next meeting of the Bank’s Council will take place in December 2013 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 about EDB at https://www.eabr.org