World Bank and Eurasian Development Bank outline forms of collaboration

World Bank and Eurasian Development Bank (EDB) have signed a Framework Agreement that outlines forms of their collaboration with regards to 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 on anti-crisis stimuli for the six member states of the ACF. The World Bank will also provide advisory services to the EDB on the design and implementation of investment projects and in the analysis and forecasting of macroeconomic trends in the region.

The Framework Agreement is based on the Memorandum of Understanding signed by the World Bank and EDB in October 2009, where the parties had declared their common interest in developing the capacity of EDB as an international development institution and stated their desire to specify priority areas and mechanisms for cooperation.

“The World Bank is a premier development institution with over 25 years of experience in supporting transition countries in institution-building and reforms – Igor Finogenov, Chairman of the Executive Board of the EDB, said. – Implementing this Agreement, will help EDB apply this experience in order to provide stronger anti-crisis stimuli to the economies of our member countries, and to strengthen their competitiveness in the

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://www.worldbank.org/ibrd