World Bank and Eurasian Development Bank to Boost Cooperation
World Bank and Eurasian Development Bank to Boost Cooperation
Istanbul, October 7, 2009 - The International Bank for Reconstruction and Development (IBRD) and the Eurasian Development Bank (EDB) will work more closely together to support sustainable economic and social development in their member countries under a Memorandum of Understanding signed today at the World Bank-IMF Annual Meetings.
Through the agreement, the two institutions will coordinate the preparation and implementation of technical assistance programs and development projects, and other instruments of cooperation. It was signed by Philippe Le Houerou, World Bank Vice President for Europe and Central Asia, on behalf of the IBRD, and Igor Finogenov, Chairman of the Management Board, on behalf of the EDB.
“The experience of the international financial institutions and in particular of IBRD as the oldest and most reputed such institution presents an invaluable insight for the EDB’s efficient work,” said Igor Finogenov of the EDB. “In this context, we envisage close coordination of our activities in the region of our responsibility at the country and selected projects level.”
Philippe Le Houerou of the World Bank said,“The global financial and economic crisis has literally hit home in many parts of Emerging Europe and Central Asia, so we are pleased to be partnering with the Eurasian Development Bank because such cooperation will benefit our member countries. The World Bank stands ready to continue playing its role in developing capacity in national and international development banks such as the EDB. Partnering strategically with institutions like the EDB and countries such as Russia and Kazakhstan helps us meet the needs of the region, particularly in the poorest countries.”
The International Bank for Reconstruction and Development (IBRD) aims to reduce poverty in middle-income and creditworthy poorer countries by promoting sustainable development through loans, guarantees, risk management products, and analytical and advisory services. Established in 1944 as the original institution of the World Bank Group, IBRD is structured like a cooperative that is owned and operated for the benefit of its 186 member countries. For more information please visit: https://www.worldbank.org/ibrd
The Eurasian Development Bank (EDB) is an international financial institution founded by Russia and Kazakhstan in January 2006 with the mission to facilitate the development of market economies, economic growth and the expansion of trade and other economic ties in its member states. The Bank is open to new members, including both states and international organizations. Currently, the EDB has four member states – Armenia Kazakhstan, Russia, and Tajikistan. In December 2008 the EDB’s Council approved the membership of Belarus, while Kyrgyzstan is completing domestic government procedures required for joining the EDB. For more information please visit https://eabr.org/en/