The Eurasian Development Bank and the Japanese Bank of International Cooperation sign a memorandum on mutual understanding
The Eurasian Development Bank (EDB) and the Japanese Bank of International Cooperation (JBIC) signed a memorandum in Almaty on Wednesday on mutual understanding. The two sides were represented by the EDB’s Vice CEO Mr. Bolat Zhamishev and the JBIC’s General Director for International Financing, Mr. Toshiyuki Kosugi.
The memorandum lays the foundation for productive relations between the EDB and the JBIC in international finance, including the organization of related and unrelated financing for projects on the territory of the EDB’s member countries. The document notes that the parties are also considering an intensive information exchange program on potential investment projects which may stimulate the further development of their collaboration. As the document was being signed, it was noted that the JBIC and the EDB have similar approaches in terms of industry focus when selecting projects for financing, which provides a solid foundation for their future relations. Furthermore, priorities such as infrastructural projects in energy, transport and the chemical industry in EDB member countries were named, and these priorities are either directly or indirectly related to the investment and trade operations of Japanese companies.
The memorandum reflects the intentions of both sides to examine the opportunities for securing financing from government and private sources, as well as to share information needed to establish limits for each other for high-risk operations.
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 Japanese Bank of International Cooperation is a financial institution that was founded under Japanese law. The JBIC was established in order to provide assistance to Japan’s sustainable development, the international economy and community, promotion of Japanese exports, imports and Japan’s economic operations abroad, as well as the economic and social development and economic stability in developing regions around the world.