The EDB is ready to consider participation in financing joint import substitution projects in the EAEU

04 June 2020

Moscow, 4 June 2020. The Eurasian Development Bank (EDB) is ready to consider participation in financing import substitution projects in the Eurasian Economic Union (EAEU). This was discussed at a working meeting between Andrey Belyaninov, Chairman of the EDB Management Board, and Artak Kamalyan, Minister in charge of Industry and Agriculture at the Eurasian Economic Commission (EEC).

The strategic objectives of the EEC and the EDB are similar in many respects as both institutions focus on developing integration in Eurasia and ensuring economic growth in their member states. This is especially relevant as regards the implementation of the Eurasian Intergovernmental Council’s order dated 10 April 2020 that urges the Bank to enhance support to union projects amid the coronavirus pandemic.

“Major joint industrial projects with a strong integration effect that create products with high added value are of key importance,” said Artak Kamalyan.

“The Industrialisation Map and the Union Agroindustrialisation Map list the most promising joint projects. Implementing these projects will help to avoid overlaps in EAEU production and mitigate project investment risks,” the minister noted.

“The Eurasian Development Bank is ready to consider financing for project proposals submitted by the EEC. Today, industry accounts for about 22% of our current investment portfolio. I am sure this can be scaled up. For this reason, our joint work with the EEC in this area is extremely important,” emphasised Andrey Belyaninov.

He also noted that an important criterion in selecting projects to be financed by the EDB is their integration effect.

Information and research may become another area of ​​cooperation with the EDB. The Bank will consider participation in preparing industrial development monitoring processes and analysing certain priority sectors in the EAEU.

In addition, the participants discussed the possibility of including the EDB, along with commercial banks, in sectoral support programmes run by national governments and development institutions. The sides agreed to bring this issue to the EAEU Industrial Policy Council where it will be discussed by industry ministers of the Union countries.

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)

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