The Eurasian Development Bank and the Islamic Development Bank sign a memorandum on mutual understanding and cooperation
The Eurasian Development Bank (EDB) and the Islamic Development Bank (IDB) signed a memorandum in Almaty on Wednesday on mutual understanding and cooperation. The representatives of the two banks were EDB’s Vice CEO Bolat Zhamishev and Vice President of the IDB, Dr. Amadu Bubakkar Sisse.
The document states that cooperation between the two parties will increase the effectiveness of both and will be useful to the member countries of the EDB and the IDB. The main objective of cooperation is to expand business opportunities among the member states of the EDB and IDB, as well as to reinforce ties towards more efficient use of financial funds granted by the parties. The EDB and the IDB intend to provide assistance for issues concerning the development in the member states of both of the financial organizations, as well as areas such as transport and other infrastructures, and agriculture and other industries are mentioned in the document.
The memorandum sets out the forms of cooperation in which the parties will engage, including consulting at various levels, co-financing for selected projects, institutional strengthening and development, holding seminars and training courses and facilitating the exchange of information.
As the document was being signed, Mr. Zhamishev noted: “This memorandum is just the first step towards the future development of our potential cooperation.”
About the signatories
The Eurasian Development Bank is an international financial organization instituted by Russia and Kazakhstan in January 2006 in order to stimulate development of market economies in its member countries, as well as their sustainable economic growth and expansion of mutual trade and economic ties. The EDB is dedicated to becoming one of the key components of the financial infrastructure in Eurasia, serving as an effective investment mechanism for the development of cooperation among member countries, facilitating deeper integration processes and aligning the levels of socio-economic development in the countries in the post-Soviet space. The Bank was created per an initiative of the Presidents of the Russian Federation and the Republic of Kazakhstan. The EDB’s charter capital currently amounts to USD 1.5 billion.
The Bank is open to new members, and other countries and international organizations are welcome to joint the EDB’s Founding Agreement.
The Islamic Development Bank is a multilateral development bank formed in order to provide assistance towards the economic and social development of the Bank's member countries by taking part in various activities in development.