Moscow, 29 August, 2013. — The Eurasian Development Bank (EDB) in its capacity of Resources Manager of the EurAsEC Anti-Crisis Fund (ACF) believes that it is still premature to discuss a new ACF program for the Republic of Belarus. This was stated today by Sergey Shatalov, Deputy Chairman of the EDB’s Managing Board
Moscow, 28 August 2013. Eurasian Development Bank (EDB) and HSBC Bank plc entered into a loan agreement for a total of RUB 1.6 billion. EDB plans to use these funds for its general corporate purposes, including the fulfilment of its new strategy until the end of 2017
Almaty, 26 August 2013. Eurasian Development Bank’s (EDB) delegation headed by Sergey Shatalov, Deputy Chairman of the Management Board, took part in the High-level International Conference on Water Cooperation in Dushanbe last week. This forum brought together over one thousand delegates from 73 countries and 60 international and regional institutions. It was conducted in accordance with the resolution of the UN General Assembly declaring 2013 the International Year of Water Cooperation
By Alexey Kuznetsov, Professor, Head of the Centre of European Studies of Institute of World Economy and International Relations (IMEMO), and Andrey Anisimov, Head of Projects of the Centre for Integration Studies of Eurasian Development Bank
Almaty, 29 July 2013. In 2012 Eurasian Development Bank (EDB) witnessed a growth in its key indicators and its overall financial results were positive. In addition, the Bank surpassed a number of indicators set by its Strategy for 2011-2013
Almaty, 26 July 2013. Igor Finogenov, Chairman of Eurasian Development Bank’s (EDB) Management Board, received today at the Bank’s headquarters a delegation from the Republic of Tajikistan headed by Deputy Prime Minister Murodali Alimardon. The delegation included representatives of Tajikistan’s business circles
Almaty, 23 July 2013. The demand for Eurasian Development Bank’s (EDB) Series 05 bonds, with a total par value of RUB 5 billion, during the effective period of the order book was two times higher than the offer, reaching approximately RUB 11 billion. A total of 23 orders were made, with a coupon ranging from 7.50 to 7.75% p.a
Almaty, 22 July 2013. Eurasian Development Bank (EDB) took part as an outreach partner in the G20 events, including the G20 Finance Ministers’ and Central Bank Governors’ meeting, which took place last week in Moscow
Igor Finogenov, Chairman of Eurasian Development Bank’s (EDB) Management Board, told, in his exclusive interview with ITAR-TASS, how to stimulate long-term investments in the context of the current financial and economic instability.
EDB is taking part in preparing recommendations for the G20 leaders, which will pass the final communiqué – a “roadmap” for the global economy for the next year – at the summit in St. Petersburg in September. EDB is an outreach partner in the G20 Finance Track for the period of the Russian presidency of the G20 in 2013.
ITAR-TASS: How did the crisis of 2008 and the subsequent sluggish recovery of the global economy influence the financing of infrastructure projects?
Igor Finogenov: Private lenders and investors demonstrate a significantly lower risk appetite than they had before the crisis and public budgets in the current situation are less capable of undertaking the financial burden associated with large infrastructure projects. As a result, we see a reduction in the overall number of new infrastructure projects and projects that involve various forms of public-private partnerships (PPP).
Another instrument of infrastructure financing – loans in national currencies – has also shrunk.
There are certain geographical differences, however. While Europe, Central and East Asia have cut their new infrastructure projects by two or three times over the last three years, Latin America and South Asia increased their volumes by 25% and 75% respectively.
Here we come to a conclusion that the amount of financing for infrastructure projects, at least those involving various PPP tools, depends on the stage of the economic cycle to a significantly lesser degree than on the availability of sufficient quantities of well-developed projects.
Latin America was the first region to develop PPP tools and legislation to ensure their effective use by the economy. This is probably why the region managed to maintain infrastructure financing during the post-crisis period.
In contrast to this, European and Central Asian countries began to utilise new instruments to finance infrastructure and adapt their legislations to these instruments not so long ago – from the late 1990s and mid-2000s respectively