Bakytzhan Sagintaev: "The EEC is interested in expanding the investment activities of the Eurasian Development Bank"

Bakytzhan Sagintaev, Chairman of the Board of the Eurasian Economic Commission, met with Nikolay Podguzov, Chairman of the Board of the Eurasian Development Bank, at the EEC headquarters on March 15.

The parties exchanged views on relevant issues of the Eurasian Economic Union development, including interaction between the EEC and the EDB, taking into account the prospects of investment activities to strengthen the economies of the EAEU countries.

Particular attention was paid to the implementation of a new mechanism to support industrial cooperation, namely subsidizing part of the interest rate on loans at the expense of the Commission's budget, as well as addressing new transport and logistics directions and expanding trade and economic relations between the Eurasian Five countries in the context of new geopolitical realities.

During the meeting, Bakytzhan Sagintaev has noted that the EAEU integration projects have a huge potential. Accordingly, they should be backed by the necessary investments.

The EDB, as an institution promoting the market economy development of the Bank's member states, their sustainable economic growth and expansion of trade and economic ties, could help promote breakthrough projects within the EAEU by expanding its investment activities.

In turn, Nikolay Podguzov outlined a number of proposals for interaction between the bank and the EEC Board. The Memorandum of Cooperation between the EEC and EDB was concluded on November 12, 2013.

The EDB Member States are: Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan.