Eurasian Development Bank talks over mutual co-operation with Asian Development Bank

17.05.11 16:58
/KASE, May 17, 11/ - Eurasian Development Bank, whose bonds are officially listed on Kazakhstan Stock Exchange (KASE), has provided KASE with the following press-release of May 17, 2011: quote Igor Finogenov, Chairman of Management Board of Eurasian Development Bank (EDB) and a delegation of Asian Development Bank (ADB) chaired by Vice-President Lakshmi Venkatachalam discussed outlooks of mutual co-operation at EDB's HQ in Almaty on Monday. "Our banks operate in similar ways and set goals alike, and we are pleased to consider outlooks of co-operation on a row of projects,- says I. Finogenov. - I would first of all suggest studying opportunities relating to supporting the private sector in Central Asia. In particular, in the fields of financial sector and banking systems, trade finance, support of small and medium-sized businesses and leasing, as well as micro-financing". Lakshmi Venkatachalam, who supervises private sector operations and co-financing at ADB, says that "in pursuit of its strategy ADB is prepared to take part in co-financing, share its expertise and experience during joint implementation of projects aimed at development of private sector, including those within the state and private sector partnership model (SPP)". In addition, the Head of delegation pointed out that ADB focuses itself on projects involving regional economic integration and environment protection. She deems energy, infrastructural ventures, including transport, finance as sectors prospective for the two banks. The parties also discussed EDB's intentions to join ADB's Programme of Central Asia Regional Economic Cooperation (CAREC) in EDB-member countries, e.g. in energy sector development and promotion of trade. Moreover, I. Finogenov said that EDB considers as interesting ADB's experience in administering and monitoring of similar investments via funds. He suggested considering the possibility of EDB's participating in ADB's investment funds, which already operate in EDB-member countries. EDB's Chairman thinks creation of a joint investment fund for financing projects in Armenia, Kazakhstan and Tajikistan. In I. Finogenov's opinion, exchanging information between the two banks, including analysis, also has good outlooks. ADB's Chairman suggested to hold a meeting of analysts to discuss general questions and economic scenarios. "We are of high opinion of ADB's rich experience in implementing projects promoting economic integration between member countries, including SPP, - said I. Finogenov, EDB's Chairman. - I am confident that collaboration between our professionals which we are keen to organize, will substantially increase our effectiveness and as a result will increase living standards in some countries of Central Asia". Summarizing the meeting, both parties stressed the importance of such talks and agreed to continue joint looking for mutually beneficial solutions. unquote [2011-05-17]