Eurasian Development Bank and World Bank Strengthen Partnership in Macroeconomic Analysis and Project Evaluation
Almaty, 9 July, 2012 — The Eurasian Development Bank (EDB) and the World Bank (WB) signed on 6 July two agreements for the provision of advisory services.
Under the first agreement the World Bank will support EDB in its role as the Resource Manager of the EurAsEC Anti-crisis Fund (ACF). In particular, the World Bank experts will advise on macroeconomic monitoring and the analysis of risks and prospects for economic development of the ACF member countries. Also, short-term internships of EDB staff will be organized in the regional offices of the World Bank.
Under another agreement, the World Bank will advise EDB on the monitoring and evaluation of projects for their development effectiveness.
These agreements are based on the Framework Agreement signed by EDB and WB in March 2011 that outlines areas of collaboration, in particular in support of the ACF’s programs and projects. The Framework Agreement established the parties’ intention to deepen cooperation in the analysis of the anti-crisis stimuli for the economies of member states of WB and ACF. Moreover, the Framework Agreement provides for the World Bank’s advisory services to the EDB on the design and implementation of projects, as well as on the forecasting of macroeconomic trends in the EurAsEC countries.
«We are very pleased to see stronger collaboration between the World Bank and the Eurasian Development Bank in the important technical aspects of macroeconomic frameworks and results,» said Philippe Le Houérou, World Bank Vice President for Emerging Europe and Central Asia. «This collaboration should ultimately result in better services provided by our two institutions to our common members.»
«In order to maximize the development impact of its operations, the Eurasian Development Bank is tapping the expertise of the World Bank — the leading global development institution, which has accumulated vast knowledge in poverty reduction, institution building and support for reforms in the transition countries,» stated EDB Deputy Chairman Sergei Shatalov. «These two agreements will allow us to draw on the World Bank’s experience as EDB works to create effective anti-crisis stimuli for the economies of its member countries, to strengthen their competitiveness in the global market, and to promote integration between them.»
Background information
The Eurasian Development Bank is an international development institution set up by Kazakhstan and Russia in January 2006, to promote the development of market economies of its member countries, support sustainable growth and expansion of their trade and economic ties. EDB’s charter capital exceeds US$1.5 billion. Its member countries are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan. More on EDB at: https://www.eabr.org.
The EurAsEC Anti-Crisis Fund (ACF) amounting to US$8.513 billion was formed on 9 June 2009 by the governments of the same six countries. The objectives of the ACF are to assist its member countries in overcoming the consequences of the global financial crisis, to ensure their economic and financial stability, and to foster integration processes in the region. ACF member countries have signed the Management Agreement with Eurasian Development Bank giving it the role of the ACF Resources Manager.
The World Bank Group is not a bank in its common sense; it is made up of five unique development institutions owned by 187 member countries: (I) the International Bank for Reconstruction and Development (IBRD) and the (ii) International Development Association (IDA) — together widely known as The World Bank; (iii) the International Finance Corporation (IFC), (iv) Multilateral Investment Guarantee Agency (MIGA), and (v) the International Centre for the Settlement of Investment Disputes (ICSID). Each institution plays a different but collaborative role in advancing the vision of inclusive and sustainable growth in a globalized world. The IBRD aims to support growth in middle-income countries and reduce poverty in creditworthy poorer countries, while IDA focuses on the world’s poorest states. For more information please visit: https://worldbank.org/russia