MANILA, PHILIPPINES – The Asian Development Bank (ADB) has signed a $1 billion framework agreement with the Eurasian Development Bank (EDB) to expand their cofinancing activities in Armenia, Kazakhstan, Kyrgyz Republic, and Tajikistan.
Under the agreement, EDB will provide $1 billion in cofinancing of ADB projects from 2016 to 2021.
The agreement was signed on 2 March by ADB President Takehiko Nakao and EDB Chairman of the Management Board Dmitry Pankin, who also discussed the deepening cooperation between the two development banks.
EDB also agreed to provide additional financing of $320 million to upgrade the road between Talin and Landjik in the North-South Road Corridor, which links Armenia domestically and internationally. ADB intends to assist EDB under the framework agreement and invest in the preparation of the project's feasibility study.
Since 2013, EDB has provided $310 million in loan cofinancing for three ADB projects in Armenia and Kyrgyz Republic.
EDB is an international financial institution founded by Russia and Kazakhstan in January 2006 with the mission to facilitate the development of market economies, sustainable economic growth, and the expansion of mutual trade and other economic ties in its member states. EDB's charter capital totals $7 billion. The member states of the Bank are the Armenia, the Republic of Belarus, Kazakhstan, the Kyrgyz Republic, the Russian Federation, and Tajikistan.
ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, it is owned by 67 members – 48 from the region.