EDB to intensify work in Armenia

ArmInfo.Armenia`s country strategy has been worked out and is being agreed on with the stockholders, Nikolai Podguzov, Chairman of the Management Board,  Eurasian Development Bank (EDB), told reporters on the sidelines of  the 2nd Eurasian Congress on Moscow. In this context, in mid-2021 the  EDB adopted its grand strategy and, later, country strategies with  information on the implementation of the EDB grand strategy in each  country.

"As far as I know, this strategy has been agreed on with Armenian  government and stockholders. And we are going to adopt and implement  it," Mr Podguzov said. In fact, the EDB is actively implementing the  strategy now.  

Mr Podguzov said he visited Yerevan a few weeks ago and held meetings  with government officials and businessmen. He pointed out a number of  projects on the agenda - agricultural and infrastructure ones, with  the Yerevan Underground modernization project being one of them.  

"This year we have funded the delivery of several dozen railway car  to Armenia. In fact, we are planning to intensify our work in  Armenia, as well as in the other countries, where our portfolio is  not as that substantial yet," Podguzov said. 

The Eurasian Development Bank (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.

The Bank was founded by an international treaty - the Agreement  Establishing the Eurasian Development Bank- signed by the authorized  representatives of the Governments of the Russian Federation and the  Republic of Kazakhstan on 12 January 2006 at the initiative of the  Presidents of both countries.  The Bank's charter capital totals US  $7 billion, including US $1.5 billion of paid-in capital and US $5.5  billion of callable capital. 

The EDB members are Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia  Tajikistan.  According to the EDB 2022-2026 strategy, the Bank`s  investments in Armenia, Kyrgyzstan and Tajikistan are to total  $500mln by 2026. Special strategies will be worked out for each  member-state, with each country`s macroeconomic figures considered. 

To achieve sustainable development goals and intensify its planned  activities in small economies, the Bank plans prompt response to  demand and enhancement of its offices` quality, a flexible approach  to forming prices for different products and to implementation of  projects.