WB and EDB have set up priorities and mechanisms for cooperation in the course of the next two years
Moscow, October 20, 2011. — Today the World Bank (WB) and the Eurasian Development Bank (EDB) signed «The Implementation Plan for of the Framework Cooperation Agreement between the World Bank and the EDB for
2011-2013» (hereinafter referred to as The Implementation Plan). The Implementation Plan is a practical manifestation of the Framework Agreement between the two financial institutions: the World Bank as the largest global development institution and the EDB as a fast-growing regional development bank.
In March, 2011, the World Bank and the Eurasian Development Bank (EDB) signed a Framework Agreement that outlines the areas of collaboration, in particular in support of the programs and projects of the EurAsEC Anti-Crisis Fund (ACF). The Framework establishes the parties’ intention to develop cooperation via parallel co-financing of investment projects and joint analytical work that would help stimulate the member states of the World Bank and the ACF. Moreover, the Framework Agreement provides for the World Bank’s advisory services to the EDB on the design and implementation of investment projects, as well as on other key areas where ACF could benefit from the World Bank’s experience.
The Implementation Plan signed today foresees collaboration between the World Bank and EDB in the following four key areas:
- Strengthen the analysis of economic situation in the EurAsEC member-countries,
- Joint preparation and implementation of projects in infrastructure, energy and government institutions development,
- Promoting regional collaboration in trade, investment and labor migration to the benefit if the client countries,
- Building internal capacity of the ACF in macroeconomic monitoring and model building, debt sustainability analysis, public finance management, project monitoring and evaluation, procurement rules and procedures, environmental and social protection policies during project implementation.
«The goals of the two Banks have much in common that is to improve the quality of life and living standards in ECA countries which are members of both international institutions,»
emphasized Pedro Alba, the World Bank Country Director and Resident Representative in Russia. «I attach high value to our partnership with the EDB and I hope that our common clients will see the results very soon.»
«Interaction between the World Bank and the Eurasian Development Bank develops as a partnership and is aimed at acquiring the best international practices and at serving our clients better,»
said Sergei Shatalov, Deputy Chairman of the Board of the EDB. «To achieve this, both partners — the Bank and EDB — possess impressive capacity. We expect that our partnership will help the two institutions to further increase efficiency in using resources allocated to support development and modernization of our member-countries’ economies.»
Background information
The World Bank Group is not a bank in its common sense; we are made up of five unique development institutions owned by 186 member countries: (I) the International Bank for Reconstruction and Development (IBRD) development and the (ii) International Development Association (IDA ) — widely known as The World Bank, (iii) the International Finance Corporation (IFC), Multilateral (iv) Investment Guarantee Agency (MIGA), and (v) the International Centre for the Settlement of Investment Disputes (ICSID). Each institution plays a different but collaborative role in advancing the vision of inclusive and sustainable growth in a globalized world. The IBRD aims to support growth in middle-income countries and reduce poverty in creditworthy poorer countries, while IDA focuses on the world’s poorest states. For more information please visit: https://worldbank.org/russia
The Eurasian Development Bank is an international development institution set up by Russia and Kazakhstan in January, 2006, to promote the development of market economy in member-countries, support sustainable growth and expansion of their trade and economic ties. The charter capital of the EDB exceeds 1.5 billion USD. Its member-countries include the Russian Federation, Republic of Kazakhstan, Republic of Belarus, Republic of Tajikistan, Republic of Armenia and Kyrgyz Republic. More details on the EDB are available at: https://www.eabr.org
