Igor Finogenov: Experience and reputation makes EDB a carrier for European investment flows to Eurasia
Almaty, 18 October 2013. The leaders of the Customs Union countries have set clear boundaries for regional integration, which is purely economic. Igor Finogenov, Chairman of the Management Board at Eurasian Development Bank, pointed this out at the Eurasian Forum in Verona on Friday.
According to Mr Finogenov, the Customs Union is interested in cooperating with Europe, primarily in the technological and investment areas. «Our countries need European investments, especially those associated with the transfer of technologies. We see this in the Bank’s projects,» said the head of EDB. The power sector, transport, mechanical engineering and agriculture have the highest demand for investment.
«Here it is reasonable to partner with international institutions that are proactively working in the region and have the necessary reputation,» Igor Finogenov continued. «EDB can be not simply a partner for European investors, but their carrier in Eurasia.» The Bank has accumulated significant experience in financing projects in the region. EDB’s investments in the electric power sector and related infrastructure reach US $1.135 billion, transport and transport infrastructure US $1.479 billion, metallurgy US $344 million and agriculture US $532 million.
EDB is focused on promoting integration and modernisation. Being a tool of the pragmatic economic policies of its six member states, the Bank does not submit the technological basis of its project to political requirements. The EDB-financed projects make a wide use of advanced foreign technologies. «Yes, we prefer Russian, Belarusian, Kazakh technologies in our industrial projects,» said the head of EDB. «However, if Western technologies are needed to make a project efficient, they will be used.»
The examples of modernisation projects which have been financed by the Bank and used Western technologies and equipment include the Tikhvin Freight Car Building Plant and the Astana Electric Locomotive Plant.
«The Bank’s membership is not limited to the CIS region,» said Igor Finogenov in this context. «We are ready to discuss participation, with European countries in particular. The membership of EDB can be a useful tool to promote the interests of companies from these countries. It will also help to deepen economic and technological cooperation between our countries.»
Another advantage that can be of use to Europe is EDB’s expertise. «Our researchers work on the issues of potential economic integration between the European Union and the future Eurasian Union,» he said. «We would like to propose interested parties to take part in a major project titled The Problems and Opportunities of Eurasian Economic Integration, which is being started by IIASA in Vienna, Eurasian Development Bank and the Russian Academy of Sciences. The project will become an optimal discussion floor for European and ‘Eurasian’ researchers, officials and businesspeople.»
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.