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Askar Mamin chairs meeting of EDB: The Bank’s 2022-2026 Strategy approved

Friday, 02 July 2021, 17:22:31

At the meeting of the Council of the Eurasian Development Bank (EDB) chaired by Prime Minister Askar Mamin, the EDB Strategy for 2022-2026 was approved.

In the coming period, the EDB will focus on the implementation of cross-border investment projects with an integration effect. The total volume of the Bank's investments over the five-year period will amount to $10.9 billion.

The EDB's efforts will be aimed at implementing such large investment projects as the Europe-Western China transport and digital corridor, the EAEU+ unified commodity distribution network and the water and energy complex of Central Asia.

It is planned to develop separate strategies for each of the member countries of the Bank, taking into account the macroeconomic characteristics of the region. In order to achieve sustainable development goals, the EDB will expand project activities in the countries of minority shareholders, bringing the total investment in Armenia, Kyrgyzstan and Tajikistan to $500 million.

One of the priority areas of EDB’s work will be the further development of digital skills and infrastructure in the framework of creating the EAEU+ Single Digital Space. To implement the tasks set, in June 2020, the Bank created the Digital Initiatives Fund, which is currently working on about 20 projects. The first implemented project of the Fund was the mobile application "Traveling without COVID-19" for verification at the interstate level of data on PCR testing of visitors.

By 2027, the EDB intends to become a leader in initiating, structuring and arranging financing for new projects in the region with the participation of national and international development institutions. At the same time, in order to obtain a credit rating of category A, it is planned to expand the composition of shareholders and attract additional funds to the capital of the Bank.

In 2020, the EDB signed agreements on 18 new projects for $1.336 billion. The Bank's current investment portfolio was increased to $4.4 billion, the maximum value for all years of operation. At the same time, the share of projects with an integration effect was 64.3%. Net profit for 2020 amounted to $32.6 million.

The Bank's financial stability is confirmed by high ratings from rating agencies: Moody's – Baa1, Fitch – BBB+, Standard & Poor's – BBB, ACRA – A-. National scale ratings: Fitch – AAA (KAZ), ACRA – AAA (RU).

The EDB pays special attention to supporting the development of the "green economy" – financing of new projects in the field of renewable energy sources was secured, a share in the authorized capital of the Green Finance Center under the Astana International Financial Center was acquired, and active work in this area is being carried out jointly with UN organizations.

The Bank's settlement and payment system is successfully operating, which allows cross-border payments in national currencies through the EDB's correspondent accounts with the national banks of the member countries.


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