EDB Strengthening Global Partnership: Results of the EDB Delegation's Meetings at the Annual Meeting of the Asian Development Bank
Tbilisi, May 10, 2024. The Eurasian Development Bank (EDB) delegation, led by Senior Managing Director Denis Ilin, participated in the Annual Meeting of the Asian Development Bank (ADB), which took place from May 2 to May 5 in Tbilisi, Georgia.
In addition to bilateral meetings on the sidelines of the Annual Meeting, EDB representatives participated in discussing key agenda items, including the roundtable on the work of multilateral development banks (MDBs) in the regions of Asia and the Pacific. It provided an opportunity for key players to discuss their positions, plans, and further steps towards building a common MDB system for more effective cooperation and collaboration. In his speech, Denis Ilin emphasized that in response to the MDBs' call to "become better, larger, and more effective in order to confidently continue playing a central role in promoting sustainable development and addressing complex transboundary issues," many regional MDBs have taken serious actions towards development, raising their ambitions, and reforming their methods of operation over the past one and a half years.
However, the full potential of regional development banks to be realized can only come through their systemic interaction with global partners - for maximum utilization of their strengths in achieving sustainable development goals - strong project expertise in the private sector, experience with national currencies, and serious regional analytics. Working as a united team, as a system, rather than isolated organizations, can lead to higher-quality results in all areas of interaction. This can involve biodiversity, climate change adaptation, irrigation, joint water security efforts, green technologies and innovations, as well as transportation accessibility and food security in the region, which are priorities for both EDB and ADB in the Central Asian region, as well as for most global and regional MDBs in their respective regions of presence.
Denis Ilin proposed several ideas to deepen collaboration among MDBs, including joint initiatives in capital markets, pooling resources to provide technical assistance, and conducting joint research. Additionally, he supported the idea of developing the concept of using Special Drawing Rights (SDR) through the system of MDBs to support developing countries.
The Eurasian Development Bank (EDB) is a multilateral development bank investing in Eurasia. For more than 18 years, the Bank has worked to strengthen and expand economic ties and foster comprehensive development in its member countries. The EDB's charter capital totals $7 bln. Its portfolio consists principally of projects with an integration effect in transport infrastructure, digital systems, green energy, agriculture, manufacturing, and mechanical engineering. The Bank’s operations are guided by the UN Sustainable Development Goals and ESG principles.
The Asian Development Bank (ADB) is a multilateral regional development bank that has been in operation since 1966 (the decision to create it was made at the first Ministerial Conference on Asian Economic Cooperation in 1963). The bank's headquarters are in Manila, the Philippines. The President of ADB is Masatsugu Asakawa.
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