The EDB and Yandex agree on cooperation

03 June 2021

Moscow, 3 June 2021. The Eurasian Development Bank (EDB) and Yandex signed a cooperation agreement during the St. Petersburg International Economic Forum. The Bank agreed to support the digital development of the EAEU countries using Yandex technologies. A project is underway to apply digital technologies in Kazakhstan that will help local developers create new IT solutions, including for the implementation of the Digital Kazakhstan national programme.

In addition, the EDB and Yandex plan to jointly develop IT communities, translate best practices in digital technologies, and share experiences of digital transformation in the EDB countries.

The memorandum was signed by Tigran Sargsyan, Vice Chairman of the EDB Management Board, and Elena Bunina, CEO of Yandex. Cooperation will mainly extend to EAEU member countries – Armenia, Belarus, Kazakhstan, and the Kyrgyz Republic. On the EDB side, projects will be implemented by the EDB Fund for Digital Initiatives.

“Yandex is one of the leading IT companies in Eurasia, with digital solutions that are deservedly popular globally. Together, we will work to digitalise businesses in our member countries. We consider it particularly promising to participate in the development of Yandex-based cloud technology to create digital products in medicine and education. This will foster the development and implementation of public and business projects and research initiatives,” said Tigran Sargsyan, Vice Chairman of the EDB Management Board.

The EDB’s Fund for Digital Initiatives, which is supervised by Tigran Sargsyan, was established in June 2020. Its objective is to assist the EDB member states in creating digital transformation tools and practices by integrating their information resources and participating in the development and financing of projects.

The Fund’s agenda prioritises the digitalisation of industry, health, trade, legal information, labour market, agriculture, education, transport, and logistics.

The Fund’s first initiative was the COVID-19 Free Travel app, which makes it possible for those who are not infected with COVID-19 to travel to other countries during the pandemic. Armenia, Belarus, Russia, and the Kyrgyz Republic have already joined the project. Kazakhstan is expected to be connected in the near future.

The Fund for Digital Initiatives also plans to launch the Work in the EAEU app in 2022. The users of this mobile service will get access to government and commercial employment services and will be able to register remotely with pension insurance and tax authorities, find and respond to vacancies, rent accommodation, and get loans for relocation.


Additional Information:

The Eurasian Development Bank (EDB) is an international financial institution promoting integration and development in its member countries –   Armenia, Belarus, Kazakhstan, the Kyrgyz Republic, Russia, and Tajikistan. The EDB's charter capital totals US $7 billion. The Bank was established in January 2006 and is headquartered in Almaty. The EDB’s portfolio mainly consists of projects with an integration effect in the areas of transport infrastructure, digitalisation, green energy, agriculture, industry, and mechanical engineering.

The Eurasian Development Bank’s Fund for Digital Initiatives was established by the Bank’s Council on 30 June 2020. The Fund’s objective is to assist EDB member states in creating digital transformation tools and practices by integrating their information resources and participating in the development and financing of projects, including those implemented under the Eurasian Economic Union’s Digital Agenda 2025.

The EDB Media Centre:

Azima Sapargaliyeva +7 (777) 750 00 08 (Almaty)

Sergey Gorbachev +7 (916) 727 22 00 (Moscow)

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