EDB publishes annual report for 2011
Almaty, 3 July 2012. All key financial and operational indicators confirm that 2011 was a successful year for Eurasian Development Bank (EDB). This is stated in EDB’s annual report for the previous year.
As at the year end, EDB’s investment portfolio grew by one third to US $3.4 billion, with eighteen new projects added. Some of these projects are of priority importance to the Bank’s member states and the advancement of their key regions and industries.
These projects include, in particular, the construction of the Polotsk hydroelectric power plant in Belarus, investment in the development of the Elga coal deposit in the Sakha (Yakutia) Republic, and financing of the programme to reconstruct and upgrade a gold processing plant in Zhambyl Region of Kazakhstan.
A number of enterprises which have been built with the Bank’s financial participation were launched, or became ready for operation, or began to supply products to customers in 2011. These include the timber processing plant in Tomsk, the Olim Textile spinning mill in Tajikistan, and the Tikhvin Freight Car Building Plant near St. Petersburg.
«The ultimate result of EDB’s operations includes the creation of new jobs, promotion of new manufacturing businesses, the development of trade and the growth of mutual investment between the countries of the region, as well as improvements to the social environment in the Bank’s member states,» Igor Finogenov, Chairman of EDB’s Management Board, says in his message to the readers of the annual report.
As at the end of 2011, the Bank’s portfolio was capable of generating mutual trade flows between its member states for a total of US $1.1 billion a year.
The increase in mutual investments between the Bank’s member states backed by EDB’s projects exceeded US $1.1 billion.
EDB’s projects had significant socioeconomic and multiplicative effects, including the generating more than US $3 billion a year in gross output of the Bank’s member economies, in which the projects are being implemented, and an additional output of more than US $3.7 billion in related industries.
The report also states that EDB, as the EurAsEC Anti-Crisis Fund’s Resource Manager, undertook a comprehensive assessment of the economic situation in Belarus and took part in the preparation of its stabilisation programme and its
Understanding the significance of, and prospects for, the region’s integration development, the Bank continues to conduct intense research. In June 2011 EDB’s Centre for Integration Studies opened in St. Petersburg whose objective is to arrange research into regional economic integration and prepare reports and recommendations for the governments of the EDB member states.
The membership of the Bank also expanded in 2011. The Kyrgyz Republic joined EDB as a fully-fledged member in August.
The electronic version of EDB’s annual report for 2011 is available here.
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.