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"I believe the EDB will evolve into a key regional multilateral development finance institution that will supply significant long-term financing to EurAsEC countries" Igor Finogenov, EDB |
The Eurasian Development Bank, a new policy lender established in January 2006 by the governments of Kazakhstan and Russia, says its loan portfolio is set to hit $1 billion by the end of 2007 and $10 billion by 2012, from $216 million at the start of April this year. Igor Finogenov, chairman of the joint Russo-Kazakh policy lender, said in an interview with Euromoney that the first tranche of investments would be made in the two founding member countries, before being expanded to the rest of the Eurasian Economic Community, or EurAsEc, which comprises Russia, Kazakhstan, Belarus, Kyrgyzstan, Uzbekistan and Tajikistan. Three further countries hold the status of member-observer – Armenia, Moldova and Ukraine.
"The main strategic objective of the establishment of the Eurasian Development Bank is to facilitate the development of market economies in the member states, their sustainable economic growth and the expansion of mutual trade and economic relations," says the EDB chief.
A few eyebrows were raised last year with the announcement of a central Asian policy lender.
