The EDB Fund for Digital Initiatives is ready to support the scaling up of EDB countries’ digital projects in the African Union
Almaty, 2 February 2024. The Eurasian Development Bank’s (EDB) Fund for Digital Initiatives stands ready to support the scaling up of EDB member states’ best digital solutions in African countries. Tigran Sargsyan, Vice Chairman of the EDB Management Board, made this announcement during his presentation at the international Digital Almaty Forum.
Tigran Sargsyan shared three important announcements for forum participants:
- firstly, the EDB Fund for Digital Initiatives can offer various financial instruments, including grants, loans and equity participation for companies involved in digital projects;
- secondly, the Fund serves as a competence centre and is ready to provide analytical support for digital transformation in Eurasia; and
- thirdly, the Fund has the capability to scale up successful solutions already implemented in EDB countries. Notably, it has gained support from Kazakhstan’s Government to expand digital solutions successfully implemented in Kazakhstan to other Bank member countries. Tajikistan, for example, has agreed to receive relevant technical and financial assistance for implementing GovTech solutions. The same arrangements exist with the Kyrgyz Republic and Armenia.
Rostislav Konyashkin, Chair of the Board at National Information Technologies, expressed gratitude to Mr Sargsyan for the Fund’s active collaboration in scaling up Kazakhstan’s GovTech solutions in Tajikistan.
Tigran Sargsyan also elaborated on opportunities for the Fund’s collaboration with African countries in the context of the Memorandum of Understanding between the Eurasian Economic Commission and the African Union regarding economic cooperation. Referring to the World Bank’s analysis, he highlighted the high importance of labour migration and noted that the “Work in the EAEU” digital platform developed by the EDB Fund for Digital Initiatives, with support from the Government of Russia, could be one of the tools to promote it. The speaker presented the platform to participants from African nations and invited them to learn more about its functionality.
In addition, Tigran Sargsyan mentioned the Fund’s flagship project – the COVID-19-Free Travel mobile app, launched at the end of 2020. By the end of 2021, almost all Eurasian countries had joined the platform to restore travel between them. The app became the world’s first “COVID passport” meeting all personal data protection requirements. To date, the app has collected 5 million test results from more than 8,000 connected labs. This solution was commended by EAEU member states’ authorities and won the ADFIAP Sustainable Awards 2022 in Technology Development.
Concluding his presentation, Tigran Sargsyan invited interested market participants from Eurasia and beyond, including the African Union, to join the Eurasian Development Bank’s Annual Meetings in Almaty on 27–28 June 2024. The event will bring together a wide range of partners and experts, providing a platform for addressing crucial development issues of the entire macroregion. In addition to discussions on the Bank’s operations, it will feature a series of events, including those dedicated to important developments in the digital agenda.
Additional Information:
The EDB Fund for Digital Initiatives 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 flagship project is the COVID-19-Free Travel mobile app used in nine CIS countries.
The Eurasian Development Bank (EDB) is an international financial institution promoting integration and development in its member countries. For more than 17 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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