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09 December 2020, 10:50

Belarusian government looks forward to increased funding from EDB

MINSK, 9 December (BelTA) – The Belarusian government hopes the Eurasian Development Bank (EDB) will increase financing, Belarus' First Deputy Prime Minister Nikolai Snopkov said as he met with Chairman of the EDB Management Board Nikolai Podguzov on 9 December, BelTA has learned.

“The EDB is very important for us now, given the fact that additional sanctions lists are being worked out and there are problems with external funding, especially that from the western banks. Of course, we need your help very much,” said Nikolai Snopkov.

He thanked the EDB for the information voiced earlier about the readiness of the bank to replace credit lines, infrastructure and transport projects in which the European Investment Bank and the European Bank for Reconstruction and Development will not be taking part.

“Even taking into account the fact that we have a decent portfolio already, we will, of course, count on your help and will be grateful for your support in this situation,” the first deputy prime minister said.

He believes that amid the crisis it is necessary to develop infrastructure. “This is the most important element, which improves long-term prospects from the point of view of human capital and economic development,” he noted. Nikolai Snopkov also praised the bank's analytics and macroeconomic forecasts, calling them unaffiliated and very professional.

Nikolai Podguzov stressed that the EDB is an international financial organization that stays “beyond any political constructions”. “Therefore, our task is to develop the economy and integration processes in the EAEU space. Over the past one and a half years, our portfolio in Belarus has considerably increased. Now it is about $1 billion,” said Nikolai Podguzov. The bank works with the largest enterprises of the country, including BelAZ, Belaruskali and BMZ.

The Eurasian Development Bank (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. The EDB's charter capital totals $7 billion. 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.

Nikolai Podguzov and Nikolai Snopkov

Adviser of the Chairman of the EDB Board Sergei Sidorsky and Chairman of the EDB Management Board Nikolai Podguzov

Nikolai Snopkov

Photos by Andrei Pokumeiko

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