EDB and the Business Council of the EAEU signed a memorandum

The Eurasian Development Bank (EDB) and the Business Council of the Eurasian Economic Union (EAEU) signed a memorandum of cooperation with the aim of establishing partnerships and developing long-term, effective cooperation of the parties aimed at preparing and implementing projects on the territory of the participating states of the Bank. The corresponding document was signed: by the EDB - the Chairman of the Board Dmitry Pankin, from the side of the EAEU Business Council - President Viktor Khristenko. The Memorandum was signed on the site of the Astana Economic Forum on 15^th of June  2017. According to the Chairman of the Presidium of NCE RK Atameken and the EAEU Business Council, Timur Kulibayev: "Foreign experience shows that the cooperation and integration processes contribute significantly to the growth of labor productivity, the reduction of transaction costs, and the improvement of the financial stability of organizations. All this, in turn, affects the development of industrial enterprises, increased employment, preservation, modernization and renovation of the material and technical base. The signing of the Memorandum between the Business Council of the EAEU and the EDB is a significant step towards the development and deepening of the Eurasian integration and the growth of the economies of the countries of the Union. " The parties agreed to attract investments for the preparation and implementation of projects in the EDB member states that have an integration component. The parties also intend to conduct joint expert, information and analytical activities and apply its results in practice for the development of projects. "According to the EDB Strategy, the Bank is focused on financing projects with an integration effect. Determining the potential for integration cooperation of the countries, the EDB and the EAEC Business Council will continue to work on participating in infrastructure projects in the region, thereby contributing to the sustainable economic growth of the member countries of the Bank and the expansion of trade and economic relations between them through investment activities", - commented the head of EDB Dmitry Pankin. "We have already begun at the April meeting of the Presidium of the Business Council in Bishkek to select projects related to linking the development of transport and energy infrastructure in the territory of the EAEU countries and with the projects of the Economic belt of the Silk Road. Therefore, in this version of the agreement, we propose, as a coordinator, the Committee on Trade and Economic Cooperation with the People's Republic of China and other priority partners in trade negotiations. We are interested in the EDB's expertise in relation to initiatives that combine the interests of at least two or three sides of the business five. Each such assessment by the most important development institution of the EAEU allows us to develop a unified approach to the regulation of infrastructures. In the future, following transport and energy - as priority areas for creating unified approaches within the framework of the Unified Energy System - we will come to an understanding of how co-financing in public-private partnerships projects in financial technologies and in the field connected with the digital transformation of the economy into Whole", - said the president of the EAEU Business Council Viktor Khristenko. Background: The Eurasian Development Bank (EDB) is an international financial institution established by Russia and Kazakhstan in January 2006 to promote the development of the market economy of the participating countries, their sustainable economic growth and the expansion of mutual trade and economic ties. The authorized capital of EDB is 7 billion US dollars. The Member States of the Bank are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation and the Republic of Tajikistan. For more information about the EDB, visit http://eabr.org/ About the EAEU Business Council. In connection with the entry into force of the Treaty on the Eurasian Economic Union (EAEU), the accession of the Republic of Armenia and the Kyrgyz Republic to the EAEU from January 2, 2015, the National Chamber of Entrepreneurs of the Republic of Kazakhstan "Atameken" made an initiative in 2015 to establish the EAEU Business Council (hereinafter referred to as Business Council). The agreement on the creation of the Business Council was signed on May 21, 2015. The founders of the Business Council are:

- The National Chamber of Entrepreneurs of the Republic of Kazakhstan "Atameken";

- Russian Union of Industrialists and Entrepreneurs;

- "Confederation of Industrialists and Entrepreneurs (Employers)" of the Republic of Belarus;

 - The Union of Industrialists and Entrepreneurs (Employers) of Armenia;

- Kyrgyz Union of Industrialists and Entrepreneurs.

The business council of the EAEU was established with the aim of expanding the integration processes in the EAEU area, developing a unified position on topical issues of cooperation and the formation of a single economic space within the framework of the EAEU.