Astana, 25 May 2016. In their search for ways out of the economic recession, Eurasian countries should rely on investment cooperation in the first place. This will promote economic growth not only in certain countries, but the Eurasian Economic Union (EEU) as a whole. Yaroslav Lissovolik, Chief Economist at Eurasian Development Bank (EDB), stated this during his speech at the Astana Economic Forum (Kazakhstan) on 25 May 2016.
The speaker pointed out that investment cooperation in Eurasia should be based on both bilateral and regional trade and investment alliances, as well as strategic alliances between major enterprises, and investment and trade cooperation between the EEU regions. Eurasian development banks could play an important part in stimulating such investment cooperation, he added.
"We are cooperating already with a number of international financial institutions. For example, the co-finance programme launched by EDB and the Asian Development Bank in their common member states exceeds US $3 billion," the speaker said. A memorandum of understanding was signed with the Eurasian Bank for Reconstruction and Development, laying foundation for strategic and operative cooperation between the parties, aimed at expanding joint work in the areas of mutual interest such as transport, energy and infrastructure modernisation. In addition, EDB is negotiating possible investment cooperation with the Asian Infrastructure Investment Bank. EDB plans to strengthen its activities in this area.
Additional Information:
Eurasian Development Bank (EDB) 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 totals US $7 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://eabr.org/
EDB Media Center:
+7 (727) 244 40 44 ext. 6147 (Almaty)
+7 (495) 645 04 45 ext. 2732 (Moscow)
e-mail: pressa@eabr.org
Related news:
Dmitry Pankin, Chairman of the Management Board at EDB, at the Astana Economic Forum
Co-financing Agreement with the ADB
EDB in the AIIB
Memorandum of Understanding with the EBRD
