Eurasian Development Bank and SCO Inter-bank Association Signed Partnership Memorandum

Today in Dushanbe, Igor Finogenov, Chairman of the EDB Executive Board, and Zhanat Zhakanov, acting Chairman of the Council of the Inter-bank Association of Shanghai Co-operation Organisation (SCO IBA) and President of the Development Bank of Kazakhstan, signed a Memorandum on the fundamentals of partnership between the EDB and the SCO the Inter-bank Association, in the presence of the heads of SCO member states.

Particularly, this Memorandum provides for financing of joint medium and long-term investment projects and export operations, and exchange of expertise in these fields. To this end, the parties agreed to meets and consult with each other on a regular basis, and to exchange information on promising investment projects, the terms of potential third party involvement, and any risks to such joint projects.

When commenting on the signed document, Nikita Tolstikov, Deputy Chairman of the EDB Executive Board, stressed that the EDB and SOC IBA set themselves similar tasks.

“Both the EDB and the SOC IBA are principally interested in infrastructure projects, for example, in the energy sector, which can provide a multiplicative effect and ultimately assist the development of the economies in the region”, Tolstikov said. “I’m sure that sharing opportunities and experience will enable us to address the tasks set by the governments of EDB and SCO member countries even more efficiently”.

Summary

The Inter-bank Association of the Shanghai Co-operation Organisation was founded by the SCO Inter-bank Co-operation (Association) Agreement on 26 October 2005. The signatories are the Development Bank of Kazakhstan, China Development Bank, Raschetno-Sberegatelnaya Kompaniya (Kyrgyz Republic), Vneshekonombank (Russia), Amonatbonk (Tajikistan) and the National Foreign Trade Bank of Uzbekistan.