EDB Delegation Visited Chechnya

A delegation of the Eurasian Development Bank headed by Igor Finogenov, Chairman of the Executive Board, visited the Chechen Republic and held negotiations with the Chechen Government. Igor Finogenov met with President Ramzan Kadyrov, and the parties signed a Memorandum of Co-operation between the EDB and the Chechen Republic.

The negotiations were dedicated to the issues of attracting investments and approaches towards prospective partnership between the EDB and Chechnya in implementing economic projects in the republic. The Chechen Government came up with a number of priority investment projects. In particular, the parties discussed projects in the thermal and hydropower sectors, car assembly, and telecommunications.

At the end of the negotiations Igor Finogenov noted that the EDB wishes to establish and develop a partnership which will enable it participate in sizable development projects in pursuance of its mission and strategy, whilst the Chechen Republic wishes to have a reliable partner for diversifying the region’s economy.

”Chechnya needs investments for building infrastructure. Many of the projects that we have discussed may assist the economic development of the entire North Caucasus region“, said Finogenov.