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04 August 2022, 19:07

Eurasian Development Bank ready to consider energy projects in Belarus

YEREVAN, 4 August (BelTA) – The Eurasian Development Bank (EDB) is ready to consider energy projects in Belarus, Sergey Ignatov, Managing Director for EDB Industry told the media, BelTA has learned.

“Energy, industry and infrastructure development are among the priority areas of bank financing,” said Sergey Ignatov.

On 4 August the Eurasian Development Bank and Tashir Group concluded a cooperation agreement in Yerevan. The parties agreed to develop cooperation in the EAEU+ space in a number of areas, including metallurgy, telecommunications, energy and others. An agreement was reached on the bank financing the modernization of the production of accounting devices as part of the program to implement international standards of management and automated accounting systems in Armenia. The EDB will allocate $30 million for this purpose under the loan agreement. The document was signed during the delegation's visit to the industrial site of Tashir Group in Yerevan, where automated metering systems are made.

“In this case, we are financing the development of the industry - the production of meters, which involves several countries - members of the bank - Russia, Belarus and Armenia. We have been communicating with Tashir Group for a long time. We have signed an agreement under which we will develop the production of meters, which will promote the development of the efficiency of energy networks of Armenia, which will eventually reduce energy losses and improve quality of services. The EDB invests in energy, infrastructure projects, where there are long payback periods and which need long investments. Tashir Group is an international organization which has interests in Belarus, Russia and Armenia. Our bank is international, as well, so we really have a good synergy. This is a modern production that involves the capacities of several countries. It is a pure industrial cooperation,” the managing director said.

Thanks to the project, the production capacity will grow up to 100,000 units a year, and up to 300 new jobs will be created.

Sergey Ignatov commented on the possibility to invest in energy projects in Belarus. “There have been no such talks so far. If there is such an interest or such a project, we will be glad to take part in it,” he added.

The Eurasian Development Bank (EDB) is an international financial institution engaged in investment activities in the Eurasian space. For 15 years already, the EDB has been promoting the strengthening and expansion of economic ties and comprehensive development of its member countries: Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia and Tajikistan. The EDB has an authorized capital of $7 billion. The EDB's portfolio is mainly represented by integration projects in the areas of transport infrastructure, digital systems, green energy, agriculture, industry and mechanical engineering. The bank is guided in its activities by the UN Sustainable Development Goals and ESG principles.

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