Igor Finogenov: EDB is ready to cooperate with the SCO Interbank Association in implementing joint investment projects
Almaty, 5 June 2012. The eastern vector of integration is becoming a promising area for deepening economic cooperation in Eurasia. Igor Finogenov, Chairman of the EDB Management Board, said this today at the 8th session of the Council of the Interbank Association of the Shanghai Cooperation Organisation (SCO Interbank Association).
The head of EDB noted that the formation of the Common Economic Space (CES) of Russia, Kazakhstan and Belarus and the possible joining of other countries to it, primarily Kyrgyzstan and Tajikistan, open new opportunities for economies and businesses. These opportunities are linked to the creation of a large regional market, the strengthening of the Customs Union, and the coordination of macroeconomic, financial, labour migration and energy policies. In addition, the CES will ensure improvements in technological standards and regulations and this is expected to foster technological integration of manufacturers from these countries into the global economy.
All these factors are real prerequisites to developing practical interaction aimed at deepening investment, trade and economic cooperation between the CES and Asian countries.
«In the first place, we can talk about trade integration through the creation of free trade zones in the CES and the countries in the region and about the implementation of major trans-boundary infrastructure projects,» Igor Finogenov emphasised. «The SCO and its Interbank Association in particular could play their role in the development of this area of integration.» Mr Finogenov concluded that EDB, on its part, was ready to develop cooperation with the SCO Interbank Association’s banks in implementing joint investment projects in the Bank’s member states in the power and infrastructure sectors and for the creation of joint production.
Additional Information
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.