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EDB ready to consider participation in financing of import substitution projects

The Eurasian Development Bank (EDB) is ready to consider the possibility of participation in the financing of import substitution projects in the Eurasian Economic Union. The issue was discussed at a meeting of the Minister of Industry and Agriculture of the Eurasian Economic Commission Artak Kamalyan and the Chairman of the Board of the bank Andrei Belyaninov.

It was noted that the strategic goals of the EEC and the EDB are largely the same. The work is aimed at development of integration processes in the Eurasian space and ensuring the economic growth of states. This is especially true in view of the implementation of the order of the Eurasian Intergovernmental Council dated April 10, 2020, in which the EDB is invited to step up its activities in support of Union projects in the context of the coronavirus pandemic.

«The key role should be played by large cooperation projects in industry with a strong integration effect, providing for creation of products with high added value. Implementation of joint projects will allow avoiding duplicate production in the EAEU and will remove the risks of investing in projects,» Artak Kamalyan stressed.

In his turn, Andrei Belyaninov said that the Eurasian Development Bank is ready to consider the projects proposed by the EEC for their subsequent financing.

«Today, industry accounts for about 22 percent of our current investment portfolio. I am sure that there is an opportunity for growth. Therefore, joint work with the EEC in this direction is extremely relevant,» Andrei Belyaninov said.

Participants of the meeting also touched upon the issue of including EDB along with commercial banks in industry-specific programs to support states and national development institutions. The parties agreed to discuss this issue at the platform of the EAEU Industrial Policy Council at the level of industry ministers of the Union countries.