Eurasian Development Bank and International Investment Bank enhance cooperation
Moscow, 26 October 2012. Nikolay Kosov, Chairman of the Board at the International Investment Bank (IIB), and Igor Finogenov, Chairman of the Management Board at Eurasian Development Bank (EDB), had talks in Moscow.
The sides discussed the progress on the Memorandum of Cooperation signed by IIB and EDB early this year, agreed to cooperate closer in financial markets, and outlined steps to promote deeper economic ties between the member states of the two institutions.
The heads of IIB and EDB also discussed a project to create a joint direct investment fund, including the mechanisms for selecting projects and attracting new participants. The fund will fulfil projects in the EDB and IIB member states which foster the integration of national economies.
Additional Information
The International Investment Bank (IIB) was established in 1970 by the member states of the former Council for Mutual Economic Assistance (Comecon). At present, the member states of the bank are the Republic of Bulgaria, the Socialist Republic of Vietnam, the Republic of Cuba, Mongolia, the Russian Federation, Romania, the Slovak Republic and the Czech Republic. The bank has a status of intergovernmental organisation and is headquartered in Moscow. The main area of its operations is providing loans for investment projects.
Press office of the International Investment Bank:
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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.