NUR-SULTAN – The Eurasian Development Bank (EDB) will focus on major cross-border investment projects and plans to invest US$10.9 billion over the next five years, according to the bank’s new strategy approved July 2 at the EDB council meeting. Among such projects are the Europe–Western China transport and digital corridor, the EAEU+ single commodity distribution system, and the water and energy complex of Central Asia.
The EDB is an international financial institution established to promote economic growth in its member states, extend trade and economic ties among them, and support integration in Eurasia through investment. Photo credit: primeminister.kz
The EDB Council is chaired by Kazakh Prime Minister Askar Mamin. The meeting gathered the representative plenipotentiary of the bank’s shareholders, including Deputy Prime Minister of Armenia Mher Grigoryan, Finance Minister of Belarus Yuri Seliverstov, First Deputy Prime Minister of Kazakhstan Alikhan Smailov, Kyrgyzstan’s Deputy Prime Minister and Minister of Economy and Finance Akylbek Japarov, Russian Finance Minister Anton Siluanov, and Deputy Finance Minister of Tajikistan Yusuf Majidi.
Over the next five years, a separate strategy for each of the member countries will be developed taking into account the macroeconomic characteristics of the region.
The EDB also plans to expand operations in Armenia, Kyrgyzstan, and Tajikistan with total investments reaching US$500 million.
Building EAEU+ Single Digital Space, part of the broader effort to develop digital competencies and infrastructure, is also envisioned in the bank’s five-year strategy. In June 2020, the EDB established the Fund for Digital Initiatives. Nearly 20 projects are currently pending the fund’s approval and the first project was the COVID-19 Free Travel mobile app for cross-country verification of travelers’ PCR test data within the Eurasian Economic Union.
Supporting green economy developments will also be among the priorities of the EDB.
In 2020, the EDB signed 18 new project agreements worth US$1.3 billion. The current investment portfolio grew to US$4.4 billion, a record high in the bank’s history. The net profit in 2020 amounted to US$32.6 million.
