The EDB Fund for Digital Initiatives and the Directorate for International Transport Corridors of the Russian Ministry of Transport to develop an ecosystem of digital transport corridors in the EAEU
Vladivostok, 2 September 2021. The Eurasian Development Bank’s (EDB) Fund for Digital Initiatives and the Directorate for International Transport Corridors (DITC) of the Russian Ministry of Transport plan to set up and develop an ecosystem of digital transport corridors in the Eurasian Economic Union (EAEU). The memorandum was signed on the sidelines of the Eastern Economic Forum by Tigran Sargsyan, Vice Chairman of the EDB Management Board, and Alexey Petrov, CEO of DITC.
The parties intend to jointly work on the functioning of international transport corridors running through Russia, as well as the realisation of the transit potential of Russia and the EAEU. In particular, they plan to develop and implement digital solutions for international transport corridors in Russia.
“The institutionalisation of cooperation between the EDB, its Fund for Digital Initiatives, and the Directorate for International Transport Corridors will make it possible to build up systematic cooperation among our organisations in developing Eurasia’s transport and logistics potential. We will pay close attention to digital logistics, which holds a special place in international competition and division of labour today,” commented Tigran Sargsyan.
Additional Information:
The Eurasian Development Bank (EDB) is an international financial institution promoting integration and development in its member countries. For 15 years, the Bank has worked to strengthen and broaden economic ties and foster comprehensive development in its member countries – Armenia, Belarus, Kazakhstan, the Kyrgyz Republic, Russia, and Tajikistan. The EDB's charter capital totals US $7 billion. 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 Bank adheres to the UN Sustainable Development Goals and ESG principles in its operations.
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.
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