Igor Shuvalov, Chairman, VEB.RF; Nikolay Podguzov, Chairman of the Management Board, Eurasian Development Bank (EDB); Andrey Zhishkevich, Chairman of the Management Board, Development Bank of the Republic of Belarus (DBRB); and Abay Sarkulov, Chairman of the Management Board, Development Bank of Kazakhstan (DBK) signed a memorandum of cooperation among the development banks of the Eurasian Economic Union (EAEU). The document is intended to stimulate the development banks’ investment, thus strengthening integration processes within the EAEU.
Commenting on the signed document, Igor Shuvalov said: “The new alliance will let us take a fresh look at cooperation between development institutions and commercial banks. We intend to seek funding for major projects that will bring not only profits to project initiators and investors, but also a new quality of life to both businesses and people in our countries.”
“The signed memorandum is not only a continuation of successful cooperation with each party, but also a new stage of relationships between the key financial institutions of our countries, aiming to contribute to the development and integration of the EAEU countries,” said Nikolay Podguzov, Chairman of the Management Board, Eurasian Development Bank.
The document was signed during the session on achieving a new quality of life through the cross-cutting integration projects, which was the main discussion during the First Eurasian Congress. The session was moderated by Igor Shuvalov. It started with the opening remarks by Russian Prime Minister Mikhail Mishustin, who stressed the importance of the digital transformation in the Eurasian space. “We need to quickly switch our economies to a new technological level, enabling all sectors to go digital,” he said. “The four freedoms of the Eurasian Economic Union (the flow of goods, services, capital and labour) should be supplemented with a fifth freedom, the flow of information.”
Igor Shuvalov thanked the prime minister for the remarks and told the participants that the Customs Union, which became the basis of the EAEU, had reached the age of ten years in 2020. “All surviving exemptions from the EAEU single market should be removed by 2025,” he said. “The markets will be fully open even in sensitive areas such as finance, oil, gas and energy.”
VEB.RF carries out integration projects in the EAEU member countries with a commitment in the amount of roubles equivalent to almost 70 billion. The projects include the export of Russian industrial products, such as rail transport supplied to Kazakhstan, underground carriages, cranes, railway equipment, metal products and chemical products supplied to Belarus, and financing for the construction of the Belarusian nuclear power plant.
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