Joint projects in Central Asia and research: the Eurasian Development Bank and the Asian Development Bank discuss cooperation
Moscow, 26 October 2022. Nikolai Podguzov, Chairman of the Eurasian Development Bank’s (EDB) Management Board, and Shixin Chen, Vice President of the Asian Development Bank (ADB), met in Manila, Philippines, to discuss cooperation between the two international financial institutions. The meeting took place on the sidelines of the 45th Annual Meeting of the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP).
The Chairman of the EDB Management Board noted the Bank’s experience in implementing joint projects with multilateral development institutions. The ADB operates in four of the six EDB member countries – Armenia, Kazakhstan, Kyrgyzstan and Tajikistan.
“We would be pleased to pursue opportunities to work as a team with multilateral development banks to support infrastructure projects in Central Asia and Armenia. Given the ADB’s experience and expertise, and the EDB’s experience in working on significant infrastructure projects in cooperation with multilateral development institutions, we would like to propose that we participate in syndicated financing for energy and infrastructure projects,” said Nikolai Podguzov.
During the meeting, the ADB expressed interest in exploring further the implementation of the EDB’s key investment mega-projects, in particular the Eurasian Commodity Distribution Network and the Eurasian Transport Network, which includes the international North–South and Europe–Western China transport corridors.
The delegations noted that, for the next strategic period, financial institutions are having similar objectives to promote the sustainable development of their member countries and to increase the share of ESG projects in their investment portfolios.
“Our institutions could cooperate in a variety of areas, which have a key impact on the development of the Eurasian countries. These include climate change and a green economy as well as promoting sustainable, well-balanced and inclusive growth and developing entrepreneurship and the private sector. The priority areas for cooperation, as we see them, would be the joint implementation of sustainable development projects in renewable energy, energy efficiency, infrastructure, and water management. Other important activities include consultancy, the sharing of experience and joint research,” Nikolai Podguzov added.
Additional Information:
The Eurasian Development Bank (EDB) is an international financial institution investing in Eurasia. For more than 16 years, the Bank has worked to strengthen and expand economic ties and foster comprehensive development in its member countries. The EDB's charter capital totals US $7 billion. Its portfolio consists principally of projects with an integration effect in transport infrastructure, digital systems, green energy, agriculture, manufacturing, and mechanical engineering. The Bank adheres to the UN Sustainable Development Goals and ESG principles in its operations.
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