EDB is assigned a special partner status in the G20
Almaty, 19 February 2013. Eurasian Development Bank (EDB) was assigned a status of an «outreach partner» for the period of Russia’s presidency of the G20 in 2013.
This form of partnership is used to promote the G20’s initiatives among the countries which are not members of the group and envisages the involvement of certain countries and international institutions in the G20 events. The selection criteria include the countries and institutions’ belonging to a certain region, their potential contribution to the discussion and the readiness of the G20 partners to work with them.
The proposal to assign this special status to EDB was made by the Russian Ministry of Finance which invited the Bank to take part in the G20’s Finance Track. The membership of EDB, its status of a multilateral financial institution and its proactive work, through the EurAsEC Anti-Crisis Fund, to overcome the consequences of the global financial crisis were taken into account.
«It is a great honour for us and a big responsibility,» comments Igor Finogenov, Chairman of the EDB Management Board, on the event. «We have serious work ahead of us and will try to meet the expectations associated with our participation.»
Last week EDB for the first time took part as an outreach partner in the G20 meeting of finance ministers and central bank governors, which took place in Moscow.
Igor Finogenov said about the results of the meeting that, «very important issues were raised during the G20 meeting in Moscow. They laid the foundation for the G20 work for the period of Russia’s presidency. First of all, the participants discussed the measures the G20 countries, which account for more than 80% of the world’s GDP, planned to take in order to support the first signs of economic growth. Many participants talked about the gradual stabilisation of the world economy and, however, about the uncertain economic outlook for the next years. The sources of finance for investments were the subject of very important discussions. The participants discussed how to stimulate various types of investment flows (for example, foreign direct investment), ensure an effective use of public investments and develop other sources of finance for investments such as national bond markets and flexible investment instruments, including public-private partnership. From our point of view, it is especially important that the role of international and regional development banks as catalysers of the investment process was discussed. These development institutions are capable of covering risks that cannot be accepted by private investors and even certain countries.»
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.