Business news

12 Dec 2022

Eurasian Development Bank to invest $1.5bn in Belarusian economy till 2026

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MINSK, 12 December (BelTA) – The Eurasian Development Bank (EDB) is set to invest $1.5 billion in the Belarusian economy through 2026, EDB Chairman of the Board Nikolai Podguzov said in an interview to Belarus 1 TV channel, BelTA has learned.

“The EDB’s five-year plan is to invest about $1.5 billion in Belarus,” said Nikolai Podguzov.

The total amount of the EDB investment in the shareholder countries in 2022 was about $2.5 billion, Nikolai Podguzov said. According to him, the pace of implementation and the number of projects will depend on the interaction with potential borrowers. “The year 2022 was not an easy one and was associated with rising rates in the global financial markets. We saw some slowdown in project activity in the first half of the year and a related slowdown in financing across the space. In the second half of the year, we picked up the pace somewhat. Next, we will see how the situation will develop, and we will finance projects depending on this,” Nikolai Podguzov said.

Overall, the EDB's mission is to promote the goals of sustainable development, the chairman of the board said. “There is a niche for our activities in any situation. Moreover, it is expanding. All projects that meet the mission, goals and objectives of the EDB will be implemented, including projects aimed at import substitution, but again with the conditions in which we work. As for fund attraction, we must adjust our activities keeping in mind the current constraints,” he added.

The Eurasian Development Bank (EDB) is an international financial organization engaged in investment activities in the Eurasian space. For 16 years already the EDB has been contributing to the strengthening and expansion of economic ties and to the comprehensive development of its member states: Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan. The EDB has a charter capital of $7 billion. Projects with an integration effect in such sectors as transport infrastructure, digital systems, green energy, agriculture, manufacturing sector, and mechanical engineering make up the bulk of the projects in the EDB’s portfolio. The bank’s operation is guided by the UN Sustainable Development Goals and ESG principles.