Presided over by Kazakhstan’s Prime Minister Alikhan Smailov, a regular meeting of the Eurasian Development Bank’s (EDB) Council took place in Kazakhstan’s, capital, Astana, on July 1 to review the Bank’s performance in 2022 and discuss its ongoing operations.
According to the EDB press center, Nikolai Podguzov, Chairman of the EDB Management Board, highlighted that the EDB solidified its position as a leading development institution in Eurasia during 2022, with a significant increase in investment in its projects.
The Bank’s cumulative investment portfolio reportedly reached US $13.4 billion, including US$2.5 billion in new projects – a record achievement far beyond the target for the reporting period. Consequently, the number of the Bank’s projects aimed at improving living standards in its member countries reached 273. The EDB’s net profit for 2022 was US $30.7 million, with an ROAE of 1.8%.
Alikhan Smailov commended the EDB’s performance in the previous year. Moving forward with development projects, he emphasized the importance of focusing on risk management and maintaining credit ratings.
“Investment surged by nearly US $1 billion compared to the previous year. The current investment portfolio keeps growing. We should continue to sustainably develop the Bank and finance projects in its member countries,” he stated.
Additionally, the Council was informed that the redistribution of the Bank’s charter capital among its member states was successfully implemented on 28 June 2023. As a result, a portion of Russia’s stake in the Bank’s paid-in capital was evenly distributed among the other member states, reducing its share from 66% to 44.8%, while increasing Kazakhstan’s share from 33% to 37.3%.
Furthermore, the Council received a report on the negotiations regarding Uzbekistan’s accession to the Bank.
It was highlighted that expanding membership would help the Bank to reduce potential risks and explore opportunities for launching new integration projects.
The Eurasian Development Bank is an international financial institution investing in Eurasia. For more than eighteen years, the Bank has worked to strengthen and expand economic ties and foster comprehensive development in its member countries – Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan. The EDB's charter capital totals US$7 billion. Its portfolio mainly consists of projects with an integration effect in transport infrastructure, digital systems, green energy, agriculture, manufacturing, and mechanical engineering. The Bank’s operations are guided by the UN Sustainable Development Goals and ESG principles. The Eurasian Development Bank has observer status in the UN General Assembly.
