EDB publishes its Annual Report for 2012
Almaty, 29 July 2013. In 2012 Eurasian Development Bank (EDB) witnessed a growth in its key indicators and its overall financial results were positive. In addition, the Bank surpassed a number of indicators set by its Strategy for 2011-2013.
EDB’s investment portfolio grew by 34% to US $4.6 billion. Twenty-two new projects were added to the portfolio in 2012, taking the total number of EDB-funded projects to 80. Out of these, twelve new projects were launched in the real economy sector and ten in the financial sectors of the EDB member states.
Among the most significant projects of 2012 were the Bank’s contribution to financing the building of the Western High Speed Diameter toll road in Saint Petersburg; a new unit at Abakan CHP in Khakassia; an electric locomotive plant in Astana; and investment in Polymetal.
“As a development institution EDB has typically focused not on the amount of profit or income it generates but instead on the financial activities and research that help to promote economic growth in the Bank’s member states, encouraging sustainable long-term development, mutual trade, joint ventures and transboundary holdings,” states Igor Finogenov, Chairman of the EDB Management Board in his message to the readers of the report.
EDB-funded projects have significant integration and socio-economic effects for its member economies. The Bank’s investment portfolio as at 31 December 2012 could potentially generate mutual trade flows totalling US $1.6 million per year, a 44% increase on 2011. Additional mutual investment generated by EDB projects exceeded US $1.5 million, up 40% year-on-year.
In 2012 the Bank continued to work as the Resources Manager of the EurAsEC Anti-Crisis Fund (ACF). In particular, the Bank continued to monitor the effectiveness of the Stabilisation Programme introduced by the Government and the National Bank of the Republic of Belarus, utilisation of disbursed resources and Belarus’ completion of prior conditions for further tranches of the financial credit. In 2012, once Belarus had implemented the agreed measures of the stabilisation programme, the Bank disbursed the third US $440 million tranche of credit.
In 2012 the Bank further strengthened its position as a leading research centre providing information and analysis of integration processes in Eurasia. The studies produced by the EDB Centre for Integration Studies have attracted considerable public attention and have been highly praised by professionals, particularly the Centre’s reports on the macroeconomic effects of cooperation between Ukraine and the SES countries; the effects of SES agreements on labour migration; analysis of the risks for public finance of the CIS member states; and monitoring mutual investments in the CIS countries.
“Thus, 2012 showed once more that Eurasian Development Bank is not merely functioning — it is steadily developing in all areas, responding professionally and responsibly to the issues put forward to it by its member states,” says Igor Finogenov in his message.
The Annual Report for 2012 is available online.
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.