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EDB to consider participating in financing of import substitution projects in EAEU

5 June 2020 11:06

MOSCOW. KAZINFORM - The Eurasian Development Bank (EDB) is ready to consider participating in financing import substitution projects in the Eurasian Economic Union (EAEU). This topic was discussed at a working meeting between Andrey Belyaninov, Chairman of the EDB Management Board, and Artak Kamalyan, Minister in charge of Industry and Agriculture at the Eurasian Economic Commission (EEC), BelTA has learned from the EEC press service.

«The Eurasian Development Bank is ready to consider financing of project proposals submitted by the EEC. Today, industry accounts for about 22% of our current investment portfolio. I am sure this can be scaled up. For this reason, our joint work with the EEC in this area is extremely important,» Andrey Belyaninov said.

He also noted that an important criterion in selecting projects to be financed by the EDB is their integration effect.

The strategic objectives of the EEC and the EDB are similar in many respects as both institutions focus on developing integration in Eurasia and ensuring economic growth in their member states. This is especially relevant as regards the implementation of the Eurasian Intergovernmental Council's order dated 10 April 2020 that urges the Bank to enhance support to union projects amid the coronavirus pandemic.

«Major joint industrial projects with a strong integration effect that create products with high added value are of key importance,» Artak Kamalyan said. «The Industrialization Map and the Union Agroindustrialization Map list the most promising joint projects. Implementing these projects will help avoid overlaps in EAEU production and mitigate project investment risks,» the minister noted, Kazinform refers to BelTA.