EDB Welcomes the Ukrainian Cabinet of Ministers’ Decision to Join the Bank
Almaty, 18 August 2011. On 17 August, the Ukrainian Government authorised Andrey Klyuev, First Vice Prime Minister and Minister of Economic Development and Trade of Ukraine, to sign a letter of intent to join the Eurasian Development Bank (EDB). The Ukrainian Government’s press service reported today that this document confirms Ukraine’s intention to join the Agreement Establishing the EDB.
“We welcome Ukraine’s intention to join the Eurasian Development Bank and deem this step logical. However, the final decision on admittance of a new member needs to be made by the Bank’s Council,” says Viktor Bolyasnikov, Deputy Chairman of the EDB Executive Board. "I would like to emphasise that Ukraine’s joining the EDB will provide Eurasian integration with another vector towards increasing the quality and quantity of financing in the region. Eurasian regional and transcontinental transport corridors, industrial cooperation and high technology, power, food and environmental development, and trade links —these are the main areas of cooperation proposed for development by the Bank in the Ukrainian economy as well as in other member states. Ukraine’s joining the Bank is an opportunity to quickly build up the investment portfolio in priority sectors.
“As for Ukraine, it will get additional resources to upgrade its processing industries, mechanical engineering in particular. Ukrainian infrastructure and industrial projects will get access to the resources of the Bank as an international development institution. The Bank’s project financing, trade financing and research will contribute to economic growth and modernisation of the Ukrainian economy,” notes Viktor Bolyasnikov.
The steps necessary for Ukraine to join the EDB include sending a letter of intent to join the Agreement Establishing the EDB dated 12 January 2006, the adoption of the respective resolution by the Council of the Bank, and then the country’s joining the Agreement through ratification.