The Eurasian Development Bank to participate in priority projects in Tatarstan
On 3 September, the Eurasian Development Bank (EDB) and the Government of the Republic of Tatarstan signed a cooperation agreement in Kazan.
The goal of the agreement is to establish a strategic partnership between the Government of the Republic of Tatarstan and the EDB, and the development of solid cooperation between the Bank and Tatarstan’s ministries and companies. The agreement was signed by EDB’s CEO, Mr. Igor Finogenov, and Rustam Minnikhanov, the Prime Minister of Tatarstan. The signing was preceded by a meeting of the EDB’s representatives with the President of the Republic of Tatarstan, Mr. Mintimer Shaimiev.
Mr. Finogenov stated that: “signing this cooperation agreement marks a significant moment in the relations between the EDB and Tatarstan. On our part, this is a confirmation of the Bank's serious intentions to take part in the dynamic development of the Republic of Tatarstan as one of the most economically developed regions of the Russian Federation."
As the agreement was being drawn up, efforts were made to exchange information between a number of institutions and agencies in Tatarstan, including the Ministry of Industry and Trade, the Ministry of Construction, Architecture and Utilities, as well as Tatgazinvest and other companies. This was done in order to begin planning investment projects. During the visit to Kazan, the EDB delegation took part in a presentation of the Gorbunov Kazan Aviation Production Association, at which the production programme for Tu-334 aircraft was presented.
Additionally, the Eurasian Development Bank is considering acting as a co-investor in one of the largest projects in Tatarstan: the construction of the new Ammonium Production Plan in the city of Mendeleyevsk, which will produce ammonia, methanol and carbamide. Also under consideration is the technical and economic foundation of a project for the reconstruction, modernization and new construction of a heating system for Tatarstan’s small towns.
In considering interesting new investment programmes in the Republic of Tatarstan, the EDB will give special attention to projects that fall within its scope of supporting integration processes between the member countries of the Eurasian Development Bank.
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.