"CNBC Business" - Attested development: The Eurasian Development Bank notches up its fifth year of growth opportunities

06 февраля 2012

THE EURASIAN DEVELOPMENT BANK (EDB) celebrates its fifth anniversary this year, and has already become a recognised international financial development institution with a focus on regional integration. The EDB has become an effective financial instrument for long-term investment projects aimed at the economic development of the Bank’s member states and the strengthening of the trade and economic cooperation between them.

«The objectives of the EDB’s new growth strategy for 2011—2013 include not only the integration, but also the social and economic effects of projects,» says Igor Finogenov, chairman of the EDB executive board. «We plan to enhance our activities both geographically and through the diversification of the financial instruments we offer.»

Today, over 40 significant EDB projects are being implemented, and over 30 are under consideration. As of H1 2011, the EDB’s assets exceeded US$2.84bn. Total investment in the member states’ economies is approaching US$3bn. Loans to clients totaled US$1,065.9m, an increase of US$244.9m, or 30%, as at the end of 2010. The Bank’s liabilities reached US$1.17bn, an increase of US$276.9m, or 31%, as at the end of 2010.

The projects initiated by the EDB during the previous period include large infrastructure projects in power engineering, transportation, agricultural, metallurgy and processing sectors. In particular, the Bank joined a project to construct the third power generating unit in Kazakhstan with a capacity of 500 MW at Ekibastuzskaya GRES-2. The Bank also began financing the construction of the Polotsk hydropower plant in Belarus.

In December 2010, the EDB signed an agreement to participate in the Macquarie Renaissance Infrastructure Fund (MRIF).

The MRIF funds total US$630m, and the EDB investment is US$100m. The MRIF will implement infrastructure projects in the CIS, including priorities for countries in the region.

In addition, in 2010 the EDB actively fulfilled its functions as the EurAsEC Anti-Crisis Fund (ACF) manager: Tajikistan was offered a US$70m stabilisation loan in 2010 and Belarus began receiving US$3bn in financial credit from the ACF this June.

"CNBC Business" - Attested development: The Eurasian Development Bank notches up its fifth year of growth opportunities

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