site.btaEurasian Development Bank, International Investment Bank Expand Investment Cooperation

128 POLITICS - INTERNATIONAL INVESTMENT BANK - COUNCIL MEETING

Eurasian Development Bank,
International Investment Bank
Expand Investment Cooperation


Sofia, November 21 (BTA) - At the 102nd Meeting of the Council
of the International Investment Bank (IIB), which is taking
place in Sofia, IIB Board Chairman Nikolay Kosov and Eurasian
Development Bank (EDB) Management Board Chairman Igor Finogenov
signed a Memorandum of Understanding between the two
multilateral banks on Friday.

IIB-EDB cooperation will focus on co-financing joint investment
projects, including for small and medium-sized enterprises,
which contribute to the strengthening of economic contacts
between the two banks' member states, intensifying the
integration of the national economies, and development of their
branch network. The document targets standardization of project
implementation processes, improvement of effectiveness and
decrease of borrowers' costs.

Kosov pointed out that the two institutions are natural
partners, brought together by common objectives. Finogenov said
that the two banks will cooperate in organizing commercial
financing of large companies and banks, support to development
projects, and implementation of SME financing programmes in the
member states.

The IIB was established in 1970. The members of the
Moscow-heaquartered Bank are Bulgaria, Vietnam, Cuba, Mongolia,
Russia, Romania, Slovakia, and the Czech Republic.

The EDB was established in 2006. Its member states are Russia,
Kazakhstan, Armenia, Tajikistan, Belarus and Kyrgyzstan. LI/LG