Eurasian Development Bank Joins Global Infrastructure Connectivity Alliance
Moscow, December 12, 2017. The Eurasian Development Bank (EDB) and the Global Infrastructure Connectivity Alliance (Alliance) have executed a Memorandum of Understanding pursuant to which the EDB has acceded to the Alliance. The document was signed on December 11, 2017.
The purpose of the Memorandum is to establish a cooperation relationship between the EDB, the Alliance, and its members with a view to promote development of international integration infrastructure. The initiative focuses on transport, communication, power, and water supply infrastructure projects which help maintain connections within and between countries.
Cooperation within the framework of the Alliance is designed to increase efficiency of interaction between multilateral development banks, enhance the use of available financial resources, and reduce the cost burden associated with implementation of high-profile integration projects. Alliance members aggregate information on existing and proposed projects, assess and forecast related funding needs. Interaction between Alliance members is effected, among other things, in the form of information exchanges, creation of a virtual expert network, and participation in global summits.
EDB involvement in this international initiative is intended to facilitate development of domestic infrastructure of the Bank's member states, and their further integration, both within the union and with the rest of the world.
Additional Information:
Eurasian Development Bank (EDB) is an international financial institution founded by Russia and Kazakhstan in January 2006 to promote development of market economies of its member states, and secure their sustainable economic growth and expansion of their mutual trade and economic ties. The charter capital of the EDB is $ 7 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.
EDB Media Center:
+7 (727) 244 40 44 ext. 6147 (Almaty)
+7 (495) 645 04 45 ext. 2732 (Moscow)
e-mail: pressa@eabr.org
The Global Infrastructure Connectivity Alliance (GICA) was established by resolution of a meeting of ministers of finance and central bank heads from the "Group of Twenty" held in July 2016 in Chengdu, China. The purpose of the initiative is to improve synergy and cooperation between various international integration infrastructure development programs which facilitate international trade. GICA contributes to dealing with global interconnectivity challenges emerging at the global, multisectoral and integration levels. The World Bank acts as the secretariat of the Alliance.