Background

Memorandum of Cooperation between IBEC and EDB

The International Bank for Economic Co-operation and the Eurasian Development Bank have concluded a Memorandum of Cooperation. The agreement was signed by Andrei Belyaninov, Chairman of the EDB Board, Denis Ivanov, Chairman of the IBEC Board, and Ms. Thinh Thi Hong, Member of the IBEC Board.

Banks intend to cooperate on projects aimed at environmental protection, rational use of natural resources, developing a green economy, as well as on programs aimed at achieving the UN Sustainable Development Goals for the period until 2030. The document assumes that banks will also develop cooperation, both in the structuring and implementation of investment projects, and in the trade finance sector. Taken into account the unique settlement function for development banks, financial institutions will also develop cooperation in the field of settlement services. Energy, mechanical engineering, petrochemistry, agriculture, information technology are noted in the memorandum as the industry priorities. An important component of cooperation should be social and environmental tasks.

Despite the fact that these two development institutes have only one common participant - the Russian Federation, IBEC is actively working with clients and partners from Belarus, Armenia, which are the member states of the EDB. The wide geographical intersection and complementing the business interests of two international banks will contribute to the mutual expansion of the business activities of IBEC and EDB, both in Eastern Europe and the CIS, as well as in Asian and other regions.

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