The EDB and the Russian Export Centre launch a programme to support businesses in the Bank’s member countries

01 May 2020

Moscow, 30 April 2020. The Eurasian Development Bank (EDB) and the Russian Export Centre (REC) launch a joint lending programme to support businesses in the Bank’s member countries. The sides signed a memorandum to that effect. The programme will finance the export of goods and services produced in Russia to other EDB member states – Armenia, Belarus, Kazakhstan, the Kyrgyz Republic, and Tajikistan. Borrowers will be offered soft lending conditions in respect of funds extended by the EDB and REC.

“The document we signed complies fully with the logic of the Eurasian Development Bank’s operations in the context of the global coronavirus pandemic, which is to boost work in our countries in order to stabilise the economic situation as soon as possible and ensure their progressive development. The use of the competencies of our partner, the Russian Export Centre, in this work will undoubtedly help to support trade between EDB member countries and Russia,” says Andrey Beliyaninov, Chairman of the EDB Management Board.

“The goal of this programme is to maintain economic stability and demand for goods and services in EDB member states, as well as to prevent a decline in trade between EAEU countries as a result of the COVID-19 pandemic, which is becoming a challenge of paramount importance amid the worsening global economic situation,” adds Veronika Nikishina, General Director of REC.

The memorandum provides for long-term, effective and mutually beneficial cooperation, including the search for, preparation and financing of investment projects in the areas of infrastructure, energy, mechanical engineering, chemical and petrochemical industries, agriculture, information technology, and other sectors. It also envisions insurance against business and political risks for investors in and lenders to such projects.

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)

pressa@eabr.org

www.eabr.org

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