St. Petersburg, 29 April 2013. The Eurasian Development Bank Centre for Integration Studies (EDB CIS) has published a report «Labor Migration and Human Capital of Kyrgyzstan: Impact of the Customs Union „. Authors of the report identified the effect of Kyrgyzstan’s possible accession to the CU and CES on the flow of labour resources, the volume of cash remittances, labour market conditions and professional education and training in this country. For that purpose the econometric and social research was carried out.
Migrant workers from Kyrgyzstan are sent to work in Russia (92%) and Kazakhstan (8%). The report’s authors argue that migration is mainly caused by Kyrgyzstan’s level of unemployment and low income levels, against the demand for labour in Russia and Kazakhstan. Therefore, the «push» factor is the pre-determining parameter in predicting migration trends — the difference in the rate of GDP per capita. Should GDP per capita fall by 1%, labout migration increases by 0.7%
Almaty, 23 April 2013. Today Eurasian Development Bank (EDB) provided to Centr-Invest Bank a three-year non-revolving loan facility for a total of RUR 150 million to finance small and medium-sized businesses (SMB) in Russia. The loan has been provided in the framework of the EDB Programme for the Support and Development of Small and Medium-Sized Businesses through the Provision of Targeted Loan Facilities to Financial Institutions
Almaty, 22 April 2013. Today Eurasian Development Bank (EDB) and Aiyl Bank signed an agreement on the indicative terms of the provision to this Kyrgyz bank of a US $6 million targeted loan facility. This money will be used to finance supplies of Russian-made machinery and equipment to Kyrgyzstan.
The agreement was signed at the meeting of the Russian-Kyrgyz intergovernmental commission in Moscow. Dmitry Krasilnikov, Member of the EDB Management Board and Managing Director for Corporate Finance, signed the document on behalf of EDB
Almaty, 19 April 2013. Establishment of common commodity market of Russia, Kazakhstan and Belarus in the form of the Customs Union (CU) and enhanced opportunities to boost mutual trade suggest the next step in the advancement of integration agenda. This step is about addressing the issues of CU member-countries’ cooperation in organised commodity markets. It is one of recommendations suggested by the authors of the report SES Commodity Exchanges Development Prospects published by Eurasian Development Bank (EDB). The report summarises main findings of a joint project with the International Association of Exchanges of the CIS countries (IAE CIS). The report has been prepared by the EDB Research Department experts with active participation of commodity exchanges-members of the IAE CIS Commodity Markets Committee. It addresses several urgent issues in commodity exchanges development in the Single Economic Space (SES)
Almaty, 19 April 2013. Today the group of banks, which includes Eurasian Development Bank (EDB), transferred the first tranche of the loan for the public-private partnership (PPP) project to construct and operate the Western High Speed Diameter (WHSD) toll road in St. Petersburg. EDB provided to the Northern Capital Highway consortium a loan of more than RUR 3 billion. The funds will be used to finance project expenses, primarily construction costs
Almaty, April 18, 2013. The Republic of Tajikistan’s (RT) accession to the Customs Union (CU) and the Single Economic Space (SES) will have a positive economic impact on the country’s economy. However, potential positive gains as a result of accession should not be expected immediately and automatically: accession will merely open a window of opportunity for Tajikistan. The EDB Centre for Integration Studies arrived at this conclusion in its comprehensive report «Economic Impact Tajikistan’s Accession to the Customs Union and Single Economic Space.»
A quantitative analysis of the static (one-off) impact of Tajikistan’s accession to the CU indicated that macro-economic indicators would only experience a slight change. During the initial stage of CU accession, Tajikistan would see a moderate positive impact. The benefits would increase, however, should the RT successfully exploit the additional opportunities which would be accessible to the country following the accession. The potential effects of accession consist of three main components: investment, increased productivity and labour migration. These would promote an additional increase in Tajikistan’s potential GDP growth by 3.5% yearly in the medium term. Investment would spur additional economic growth of 1.6% a year, an increase in productivity could bring 0.5%, the integration of new labour resources and reduced unemployment would lead to 0.4% gain, and cash remittances would bring GDP increase at 1%. «GDP growth would enable Tajikistan to resol ve not only pressing social and economic problems, but would also put the country on the path of sustainable economic growth», Vladimir Yasinsky, the EDB’s Head of Strategy and Research mentioned in his summing up
Almaty, 17 April 2013. Eurasian Development Bank (EDB) is taking part as outreach partner in the G20 events in Washington. These include the finance ministers’ and central bank governors’ meeting, the Seminar on Regional Financial Arrangements: RFA’s Role in International Financial Architecture and Their Cooperation with the IMF, and the International Financial Architecture Working Group meeting.
The Bank’s representatives will speak at various events as experts.
EDB was given the status of «outreach partner» for the period of Russia’s presidency of the G20 in 2013. The proposal to assign this special status to EDB was made by the Russian Ministry of Finance which invited the Bank to take part in the G20’s Finance Track. The membership of EDB, its status of a multilateral financial institution and its proactive work, through the EurAsEC Anti-Crisis Fund, to overcome the consequences of the global financial crisis were taken into account
Almaty, 16 April 2013. Eurasian Development Bank’s (EDB) delegation headed by Igor Finogenov, Chairman of the Management Board, will take part in the World Bank Group (WB) and International Monetary Fund’s (IMF) Spring Meetings this week in Washington. The Bank’s delegation will also include Sergey Shatalov, Deputy Chairman of the Management Board, and Ella Baibikova, Head of the Research Department
Almaty, 15 April 2013. Eurasian Development Bank (EDB) announces the fourth competition of research and publishing projects.
The EDB Technical Assistance Fund conducts this competition for a grant for research or for the publication of monographs on integration yearly in the framework of its Regional Integration Studies Programme.
«The objective of this programme is to promote research into Eurasian integration, develop international cooperation and support young and promising researchers who are working on integration themes,» says Vladimir Yasinsky, Member of the EDB Management Board and Managing Director for Research. «The priority projects are cross-disciplinary studies covering economics, politics and industries such as transport, communications, the power sector and the environment, which are of practical significance for the integration of the states, sectors and companies of the Bank’s member countries»