Strengthening Global Partnership: EDB Delegation at the Islamic Development Bank's Annual Meeting

03 May 2024

Riyadh, May 3, 2024. Members of the Eurasian Development Bank (EDB) delegation – Ruslan Dalenov (Deputy Chairman of the EDB Management Board), Azamat Tyuleubay(Managing Director – Head of the Energy Directorate), Nurym Ayazbayev (Director of the Energy Directorate), as well as Vladimir Pereboev (Head of the International Cooperation and Promising Areas of Integration Division) – took part in the Annual Meeting of the Islamic Development Bank (IDB) held from April 27 to April 30 in Riyadh (Saudi Arabia) under the patronage of Custodian of Two Holy Mosques, King Salman bin Abdulaziz Al Saud.

The event brought together many high-ranking officials from various countries, EDB member states included; among the guests were ministers of economy, finance and planning, as well as representatives of financial institutions and the private sector. "Cherishing our Past, Charting our Future: Originality, Solidarity and Prosperity", the theme of this year's meetings, emphasized the participants' eagerness to foster cooperation and mutual support while working towards common goals.

The IDB’s Annual Meeting presented the EDB delegation with a busy schedule full of important meetings and discussions. Special attention was paid to the bilateral meeting with the team of the IDB Institute, chaired by Dr. Sami Al-Suwailem, Acting Director General of the IDB. The discussion centered on the establishment and further development of an "Islamic Window" in the EDB and a joint study of the prospects of Islamic finance in Central Asia. The preliminary results of the study will be presented at the EDB Business Forum to be held later this year on June 27-28. The EDB delegates also met with the top managers of both the IDB and the Islamic Corporation for the Development of the Private Sector and discussed bilateral cooperation and the implementation of joint projects in the public and private sectors of Central Asia.

Joined by the Kazakhstan delegation headed by Nurlan Baybazarov, Deputy Prime Minister –Minister of National Economy of Kazakhstan, the EDB delegates also met with the Saudi Development Fund representatives and visited the Fund's exhibition stand, thus confirming the Bank's interest in fostering and expanding international cooperation.

A number of other meetings with the representatives of multilateral development banks included discussions of joint project financing and focused on such objectives as the increase of potential for cooperation.

The Islamic Development Bank (IDB) is a multilateral development bank headquartered in Riyadh, Saudi Arabia. The IDB is active in 57 member countries and Muslim communities around the world.

The Eurasian Development Bank (EDB) is an international financial institution promoting integration and development in its member countries. 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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