ALMATY, Kazakhstan--(BUSINESS WIRE)--The Eurasian Development Bank (EDB) held consultations with the Asian Development Bank (ADB) on cooperation in energy and infrastructure projects in Central Asia and Armenia. The EDB also discussed with Export-Import Bank of India (EXIM) the scope for using national currencies in international settlements.
Nikolai Podguzov, Chairman of the EDB Management Board, and Shixin Chen, Vice President of the ADB, met in Manila, Philippines, to discuss cooperation on the sidelines of the 45th Annual Meeting of the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP).
Nikolai Podguzov highlighted the Bank's experience in implementing common projects with multilateral development institutions. The ADB operates in four of the six EDB member countries: Armenia, Kazakhstan, Kyrgyzstan and Tajikistan.
“We look forward to opportunities to work together with multilateral development banks to support infrastructure projects in Central Asia and Armenia. Given the ADB’s experience and expertise, and the EDB’s experience in working on significant infrastructure projects in cooperation with multilateral development institutions, we would like to propose that we participate in syndicated financing for energy and infrastructure projects,” said Nikolai Podguzov.
During the meeting, the ADB expressed interest in exploring further the implementation of the EDB’s key investment mega-projects such as the Eurasian Commodity Distribution Network and the Eurasian Transport Network, which includes the international North–South and Europe–Western China transport corridors.
The delegations noted that the financial institutions have similar targets for the next strategic period to promote the sustainable development of their member countries and to increase the share of ESG projects in their investment portfolios.
“Our institutions could cooperate in a number of areas that have a major impact on the development of the Eurasian countries. These include climate change and a green economy as well as fostering sustainable, balanced and inclusive growth and the development of entrepreneurship and the private sector. We believe that the priority areas for cooperation are the joint implementation of sustainable development projects in the fields of renewable energy, energy efficiency, infrastructure, and water management. Other significant activities include consultations, experience sharing and joint research,” Nikolai Podguzov added.
Separately, Nikolai Podguzov met Shri Ramesh, Deputy Managing Director of India EXIM Bank, on the sidelines of the ADFIAP meeting. The parties discussed the potential use of national currencies in international settlements as well as financial mechanisms to support exports and imports of the EDB’s member countries. Another item on the agenda was the research conducted by the two institutes and the possibility of launching joint studies.
The Eurasian Development Bank (EDB) is an international financial institution investing in Eurasia. For more than 16 years, the Bank has worked to strengthen and expand economic ties and foster comprehensive development in its member countries. The EDB's charter capital totals US $7 billion. Its portfolio consists principally of projects with an integration effect in transport infrastructure, digital systems, green energy, agriculture, manufacturing, and mechanical engineering. The Bank adheres to the UN Sustainable Development Goals and ESG principles in its operations.