The EDB opens accounts in its payment and settlement infrastructure for the first client from Armenia
Yerevan, 17 February 2022. The Eurasian Development Bank (EDB) has opened accounts in its payment and settlement infrastructure for the first client from Armenia – the country’s largest steel company ASCE Group.
ASCE GROUP has opened accounts in US dollars, euros, Armenian drams, and Russian roubles.
The Bank’s settlement and payment infrastructure processes payments in local currencies between residents of the Bank’s member countries through correspondent accounts with national/central banks, with currency conversion ensured by direct access to the member countries’ stock exchange and interbank markets.
The EDB payment system is used by 78 clients from all its six member states, including major commercial banks, stock exchanges, depositories, as well as international financial institutions, central/national banks, and development institutions.
“One of the EDB’s key objectives is to integrate financial markets and our first client from Armenia is a first and important step towards achieving this target. We are ready to fully support ASCE Group’s efforts to expand cooperation as part of its project operations and organise finance by issuing securities in the member countries’ capital markets,” said Daniyar Imangaliyev, Vice Chairman of the EDB Management Board.
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 EDB Media Centre:
Azima Sapargaliyeva +7 (777) 750 00 08 (Almaty)
Sergey Gorbachev +7 (916) 727 22 00 (Moscow)