The EDB sets up a directorate to implement the activities of the Digital Initiative Fund

22 July 2020

The Eurasian Development Bank (EDB) has set up a directorate for the Digital Initiative Fund. The new division is supervised by Tigran Sargsyan, Deputy Chairman of the EDB Management Board. The main task of the directorate is to support the activities of the Digital Initiative Fund established at the most recent meeting of the Bank's Council on 30 June 2020.

The objective of the Fund 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, including those implemented under the Eurasian Economic Union’s 2025 Digital Agenda.

“The work of the Eurasian Development Bank’s Digital Initiative Fund gets practical. A US $10 million initial contribution was formed from the EDB’s retained earnings for previous years. A special section with detailed information will appear on the Bank’s website in the near future. By early September, we will complete the work on the Fund’s programme. Our shareholders are already putting forward their initiatives,” said Tigran Sargsyan, Deputy Chairman of the EDB Management Board.

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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