The Kyrgyz Republic joins the EDB’s work to shape the concept of the Eurasian commodity distribution system

20 August 2021

Almaty, 20 August 2021. The Ministry of Agriculture, Water Resources and Regional Development of the Kyrgyz Republic has joined the Eurasian Development Bank’s (EDB) work to shape the concept of the Eurasian commodity distribution system. The relevant memorandum was signed on the sidelines of the Eurasian Intergovernmental Council meeting in Cholpon-Ata by Nikolai Podguzov, Chairman of the EDB Management Board, and Askarbek Janybekov, the Kyrgyz Republic’s Minister of Agriculture.

The parties have also agreed to provide the assistance needed to achieve the goals of mutually beneficial cooperation.

The EDB is currently working with the Food and Agriculture Organisation of the United Nations (FAO) on a study to develop a concept for the Eurasian commodity distribution system. Work is ongoing in the EAEU countries (Armenia, Belarus, Kazakhstan, the Kyrgyz Republic, and Russia), Tajikistan (an EDB member state), and Uzbekistan (a potential EDB member state). The study will examine trade turnover in the EAEU countries, Tajikistan, and Uzbekistan, food trade balances, and the existing infrastructure. It will also identify transport and logistics corridors and requirements for the operation of wholesale distribution centres. Next, a holistic picture of the Eurasian commodity distribution system will be devised, along with practical steps to implement the concept by creating a single digital platform and harmonising legislation in the EAEU countries. The final step will be an assessment of the project’s integration economic effect.

“Building effective food trade without barriers and restrictions is among the top integration priorities of the EAEU member states. The Eurasian commodity distribution system will help to comprehensively address certain strategic tasks. These are to improve the competitiveness of agricultural and food producers and reduce production, storage, and transportation costs. Supply chains will be optimised. All this will help to stabilise food prices in the region, improve producers’ incomes, and lower costs for end consumers,” said Nikolai Podguzov, 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)

pressa@eabr.org

www.eabr.org

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2021