Nikolay Podguzov: “The EDB is improving its efficiency as a key integration tool”

17 July 2020

The Eurasian Development Bank (EDB) is improving its efficiency as a key integration tool and is ready for further fruitful cooperation in order to foster integration. Nikolai Podguzov, Chairman of the EDB Management Board, said this today during a meeting of the Eurasian Intergovernmental Council in Minsk.

“At the new stage of consolidation, projects with a high integration effect that are being implemented in several Union counties are becoming increasingly important. I believe that the EDB’s most pressing objective is to launch major, all-Union infrastructure, industrial and agricultural projects and set up effective mechanisms to finance them,” Nikolai Podguzov emphasised.

He also noted that the EDB is an integral part of the already established institutional structure of Eurasian integration, and its role and importance are growing and changing as integration develops and deepens.

Nikolai Podguzov said that the Bank’s cumulative investment portfolio totals US $9.2 billion. The total value of projects implemented with the EDB’s participation exceeds US $30 billion. With a paid-in capital of US $1.5 billion, the Bank’s projects have brought an additional US $20 in investments in the member economies per dollar contributed by the shareholders. At present, 87 major investment projects are being implemented with the Bank’s participation in the member states.

“The EDB has unique advantages compared to other multilateral development banks as decisions on its operations are made with the participation of senior officials of the member governments that form the Bank's Council,” the Chairman said.

Nikolai Podguzov believes that, at the current stage of integration, projects focusing on the digitalisation of EAEU economies acquire special importance. Digitalisation offers fundamentally new opportunities for joining efforts, speeds up integration, and ensures transparency of the common market. The Bank has set up a Digital Initiative Fund to this end.

The Chairman of the EDB Management Board is convinced that the Bank’s key strategic objective may be its participation in building a common settlement mechanism within the EAEU to process transboundary payments in national currencies. To develop this area of operations, the Bank has introduced a settlement and clearing system, which is being successfully used by local banks in all EAEU countries.

Additional Information:

The Eurasian Development Bank (EDB) 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. The EDB's charter capital totals US $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.

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)

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