The Organisation for Economic Cooperation and Development recognises Eurasian Development Bank as a multilateral financial institution
The OECD has revised its list of multilateral financial institutions.
Almaty, 30 January 2013. The OECD has recognised EDB as a multilateral financial institution, and assigned to it Risk Category 3 and Buyer Risk Category SOV/CC0. This decision, proposed by Hermes, a German export credit agency, was approved by the OECD Working Party on Export Credits and Credit Guarantees at its meeting on 25 January 2013.
The issue of recognising the Bank as a multilateral financial institution was raised in the course of the implementation of one of its largest investment projects in Belarus — the construction and commissioning of a small-section rolling mill for the Byelorussian Steel Works (the management company for the Byelorussian Metallurgical Company Holding).
«The fact that the OECD has recognised the Bank as a multilateral financial institution enhances its opportunities to more efficiently attract foreign credits backed by guarantees from export credit agencies,» says Sergey Shatalov, Deputy Chairman of the EDB Management Board. «This will allow the Bank to offer its clients more attractive conditions for financing investment projects, which involve entering into agreements with foreign suppliers of equipment and technologies.»
Additional Information
Euler Hermes Deutschland AG (in consortium with PriceWaterhouse Coopers AG) has been the authorised export credit agency of the Government of the Federal Republic of Germany since 1949. In 2012 Trade Finance Magazine named it as the Best Global Export Credit Agency for the sixth time in a row. Read more at https://agaportal.de/en/index.html.
Organisation for Economic Cooperation and Development (OECD) is an international economic organization established by advanced industrial countries which embraced the principles of representative democracy and free market economy. It was set up in 1961 with a view to making recommendations for countries on the improvement of their socioeconomic development. Currently OECD has 34 member states, which account for over 60% of world GDP. Together with the World Trade Organisation, the OECD develops globally accepted standards of fair trade and state support for exports as set forth in the Arrangement on Officially Supported Export Credits. Read more at https://www.oecd.org/about/
Eurasian Development Bank 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. EDB’s charter capital exceeds US $1.5 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. Read more at https://www.eabr.org