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Nursultan Nazarbayev and EDB Chairman meet in Astana 27 апреля 2014, 22:31

Nursultan Nazarbayev and Igor Finogenov, Chairman at Eurasian Development Bank, discussed the bank's operations in Kazakhstan.
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President of Kazakhstan Nursultan Nazarbayev ©REUTERS President of Kazakhstan Nursultan Nazarbayev ©REUTERS

President of Kazakhstan Nursultan Nazarbayev and Igor Finogenov, Chairman of the Management Board at the Eurasian Development Bank (EDB), discussed EDB operation in Kazakhstan, Tengrinews reports citing the official presidential website Akorda.

They also discussed EDB's progress since its establishment in Kazakhstan in 2006.

During these years, the Bank invested more than $2 billion in Kazakhstan’s economy and helped implement 28 projects in different areas, including power industry, transport mechanical engineering and chemical industry. Currently, the bank is considering 28 more projects.

President Nazarbayev said that the bank's performance indicated a positive dynamics in its development and said that Kazakhstan welcomed the bank's plans to expand its activities, increase the capital and add new members.

Finogenov updated the Kazakhstan president on the key areas of the bank’s activities and assured him that the bank prioritized the projects implemented as part of Kazakhstan's state-run development programs. He pointed out that EDB's headquarters in Almaty were working with second-tier banks to provide financing for small and medium-sized businesses.

The Bank is taking an active part in development of Kazakhstan's financial sector and plans to issue bonds to raise funding for projects in tenge, Finogenov said.

The Eurasian Development Bank was established by Russia and Kazakhstan in 2006 and was later jointed by Armenia, Belarus, Kyrgyzstan and Tajikistan. The Bank's mission is to facilitate economic growth and mutual trade of its member states.

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