Sergey Ignatov highlights the EDB’s role in enhancing Eurasian transport connectivity at the 3rd Eurasian Economic Forum
Yerevan, 30 September 2024. Sergey Ignatov, Senior Managing Director at the Eurasian Development Bank (EDB), participated in the 3rd Eurasian Economic Forum, currently being held in Yerevan to commemorate the 10th anniversary of the signing of the Treaty on the Eurasian Economic Union (EAEU). The event brought together representatives from large, medium and small businesses, international organisations, as well as research and educational institutions interested in fostering cooperation across the Eurasian region.
Sergey Ignatov spoke during a key panel session titled “Transport Connectivity of Eurasia: A Vision for the Future.” He highlighted the Bank’s major achievements and plans in promoting transport connectivity in Eurasia, which is one of the EDB’s key priorities under its 2022–2026 Strategy.
Sergey Ignatov emphasised that the EDB has been actively implementing transport infrastructure projects in collaboration with governments and other multilateral development banks. These include the construction of the Big Almaty Ring Road (BAKAD), completed in June 2023. Funded by the EDB, the European Bank for Reconstruction and Development, the Asian Development Bank and the Islamic Development Bank, BAKAD has helped to significantly improve traffic flow in Almaty, Kazakhstan’s largest city, cutting transit times by half and reducing freight delivery times along the Europe–Western China route by one hour.
Sergey Ignatov also underscored the importance of projects that provide additional connectivity and complementarity along Eurasian transport corridors, including the construction of a new border crossing between Kazakhstan and China and the Ayagoz–Bakhty railway line. This project is expected to increase container traffic on the China–Europe route and unlock the high transit potential of EAEU countries.
“In 2024, the Bank published a report outlining priorities for the development of the Eurasian Transport Network and enhancing economic and trade connectivity across the region. The Eurasian Transport Network could increase freight traffic by 40% by attracting additional transit shipments, create a transport hub in the region and safeguard global supply chains in case of disruptions to deep-water routes connecting Europe and Asia,” said Sergey Ignatov.
He also noted that the EDB provides technical assistance in preparing and structuring investment projects through its Technical Assistance Fund (TAF), which supports potential borrowers at the project preparation stage as well as national governments and organisations whose projects promote the institutional environment, economic development and growth. The TAF is financed through the Bank’s net profit and donor contributions.
Additionally, the EDB offers a wide range of credit and non-credit products for public-private partnership (PPP) projects and provides technical assistance to governments in promoting PPP legislative reform, strengthening institutional frameworks, building capacity in structuring bankable PPP projects, and more.
The Business Programme of the 3rd Eurasian Economic Forum features around 30 events. The key topics address pressing challenges related to integration within the EAEU. Participants include leaders of large, medium and small businesses from EAEU member states and beyond, heads and representatives from Eurasian and third-country governments, as well as representatives from international, research and educational organisations interested in deepening cooperation within the Union.
Additional Information:
The Eurasian Development Bank (EDB) is a multilateral development bank investing in Eurasia. For more than 18 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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