EDB opens its representative office in Bishkek
Almaty, 17 May 2013. The official opening of Eurasian Development Bank’s (EDB) representative office in Kyrgyzstan took place today in Bishkek. Igor Finogenov, Chairman of the EDB Management Board, and Joomart Otorbayev, First Vice Prime Minister of the Kyrgyz Republic, took part in the ceremony.
“The opening of the Bank’s representative office in Bishkek is a starting point for EDB’s comprehensive and proactive operation in its sixth member state,” says the head of EDB. “This will lay the foundation for productive cooperation and mutually beneficial partnership between Kyrgyzstan and Eurasian Development Bank.”
According to Mr Finogenov, the representative office in Kyrgyzstan will create favourable conditions for EDB’s operation in the country as an international financial institution.
Igor Finoganov also pointed out that the Bank was ready to fulfil major projects aimed at ensuring sustainable economic development of the country. “We have determined the areas of operation and the Bank’s priorities in the Kyrgyz Republic,” said he. “These are, in the first place, infrastructure sectors — the power and transport sectors, the large and long-term investment in which is of critical importance for the country’s development and future. We are also carefully studying opportunities for making investments in the industrial sectors, small and medium-sized businesses and agriculture.”
EDB has already achieved certain progress in Kyrgyzstan. This year the Bank provided a US $30 million loan facility to the Elektricheskiye Stantsii company for the purchase of fuel for the heating season. It has also signed an agreement with Aiyl Bank on the indicative terms of finance in the amount of US $6 million for the supplies of Russian-made equipment and machinery to Kyrgyzstan. The Bank’s agenda includes a multilateral investment project to reconstruct the Bishkek-Osh motor road. EDB plans to take part in this project as the Resources Manager of the EurAsEC Anti-Crisis Fund. According to the Kyrgyz government’s preliminary application for this project the Fund’s participation in it can reach US $50 million.
The Bank’s project and investment activities in the country, in the context of the opening of its office in Bishkek, were the focus of today’s earlier talks between the Chairman of the EDB Management Board and Zhantoro Satybaldiyev, Prime Minister of Kyrgyzstan. The EDB delegation at the negotiations also included Kanat Dosmukametov, Deputy Chairman of the Management Board, and Andrey Shirokov, Director of the Bishkek Representative Office.
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