Nikolai Podguzov takes part in a meeting of the Council for the Financial Market Development of the Federation Council of Russia

08 December 2020

Moscow, 8 December 2020. Nikolai Podguzov, Chairman of the Management Board of the Eurasian Development Bank (EDB), took part in a meeting of the Council for the Financial Market Development of the Federation Council of the Russian Federation, chaired by Valentina Matvienko, Speaker of the Upper House of the Russian Parliament.

Nikolai Podguzov spoke about the EDB’s active efforts to integrate financial markets and exchanges and create a single settlement space in the Eurasian Economic Union (EAEU) in order to optimise payments in national currencies.

“The Bank has created and successfully operates payment infrastructure, which provides a systematic solution for cross-border payments in the EAEU and is successfully used by the EDB’s customers and counterparties, including quasi-government companies, exchanges, and other financial market participants," said the head of the EDB. “The Bank promotes the integration of capital markets by helping issuers to access such markets in neighbouring countries, acting as an arranger/underwriter, consultant, and anchor investor. To improve the liquidity of foreign exchange trading, the EDB acts as a market maker on the Moscow, Kazakhstan, and Belarusian currency and stock exchanges and provides instruments to hedge market risks. The creation of a common settlement platform with the use of cutting-edge financial technology to arrange settlements within the EAEU in any of the member countries’ currencies using multi-currency conversion procedures is a systematic solution to integration tasks relating to the development of a single financial market that will help reduce its dependence on other world currencies,” he stressed.

Additional Information:

The Eurasian Development Bank (EDB) is an international financial institution promoting integration and development in its member countries – Armenia, Belarus, Kazakhstan, the Kyrgyz Republic, Russia, and Tajikistan. The EDB's charter capital totals US $7 billion. The Bank was established in January 2006 by Russia and Kazakhstan and is headquartered in Almaty. Transport infrastructure, energy, chemical, mining, and mechanical engineering projects with a high integration effect account for the main part of the EDB’s portfolio.

The EDB Media Centre:

Alexander Savelyev +7 (985) 765 23 59 (Moscow)

Azima Sapargaliyeva +7 (777) 750 00 08 (Almaty)

Sergey Gorbachev +7 (916) 727 22 00 (Moscow)

pressa@eabr.org

www.eabr.org

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