Status of the Eurasian Development Bank approved at a plenary session of the UN General Assembly

Now that this status has been granted, the EDB will be able to take part in sessions and the activities of the US General Assembly and cooperate with its specialized institutes on a qualitatively new level. The EDB will gain the opportunity to significantly expand its international credit and financial operations.

The EDB is an international financial organization instituted by Russia and Kazakhstan in January 2006 in order to stimulate development of market economies in its member countries. The Bank is dedicated to becoming one of the key components of the financial infrastructure in Eurasia, serving as an effective investment mechanism for the development of cooperation among member countries, facilitating deeper integration processes and stimulating socio-economic development, including in the member states of the EurAsEC (Eurasian Economic Community).

As noted by Mikhail Kamynin, a representative of the Russian Federal Ministry of Interior, the Sixth Committee’s resolution to grant the EDB observer status at the UN General Assembly was a solid confirmation of the Bank and its operations as an international financial development institute. In practical terms, this resolution will help the EDB become more active in cooperation with specialized UN institutions, participate in programs aimed at increasing investment flow in the Bank’s member countries and developing markets as a whole.

“The speedy increase in the number of the Bank’s members and the fact that it has gained observer status with the General Assembly of the UN makes the Eurasian Development Bank one of the largest international financial institutions in Eurasia,” emphasized Mr. Nikita Tolstikov, Deputy Chairman of the EDB's Management Board. “Today, the Bank’s project portfolio is one of the most significant in the region, and the Bank’s key goal is to achieve real economic development in the region’s countries and make the Eurasian Development Bank an attractive partner for a number of major investment projects in Central Asia.