Politics • 30 May, 2019

Askar Mamin elected chair of the Council of Eurasian Development Bank

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Council of the Eurasian Development Bank elected the Prime Minister of Kazakhstan Askar Mamin as the council’s chair. The Prime Minister Askar Mamin chaired a meeting of the Council of the Eurasian Development Bank. It is reported by the press service of PM.

The meeting was attended by the members of the Council: First Deputy Prime Minister of Russia – Minister of Finance Anton Siluanov, First Deputy Prime Minister of Kazakhstan – Minister of Finance Alikhan Smailov, Deputy Prime Minister of the Republic of Armenia Mher Grigoryan, Minister of Finance of the Republic of Belarus Maksim Yermolovich, Minister of Finance of the Kyrgyz Republic Baktygul Jeenbaeva, Minister of Finance of the Republic of Tajikistan Faiziddin Qahhorzoda.

The meeting summed up the work of the Bank in 2018, discussed the implementation of integration projects aimed at facilitating the development of trade and economic relations and investment activities between the member states of the Eurasian Economic Union.

At present, the Bank’s portfolio contains 85 projects worth $3.5 billion. About 40% of all projects are implemented in Kazakhstan. In 2018, the EDB approved 29 new projects totaling $1.4 billion, including modernization of production processes of Bogatyr Komir LLP for €197 million in the Pavlodar region, construction of the Nur Zholy automobile checkpoint for 32 billion tenge in the Almaty region, construction of a hydroelectric power station for 22 billion tenge in the Turkestan region. In 2019, the construction of a wind power plant near the city of Yereymentau with a capacity of 50 MW will be financed.

As a result of the Bank’s successful work, in March 2019, international agency Standard & Poor's has upgraded the credit rating of the Eurasian Development Bank to “BBB.”

Askar Mamin noted that the EDB is contributing to the development of cooperation between the member states of the Eurasian Economic Union and the financing of joint projects.

“The overall task is to increase the efficiency of our integration investment projects,” said Mamin.

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