MINSK, 17 July (BelTA) - Projects in economic digitalization within the Eurasian Economic Union (EAEU) are extremely relevant at the current stage of integration, Chairman of the Eurasian Development Bank (EDB) Nikolai Podguzov said at a meeting of the Eurasian Intergovernmental Council in Minsk on 17 July, BelTA has learned.
Nikolai Podguzov emphasized the growing relevance of projects with a high integration effect, implemented in several member countries of the Union. He views the launch of major all-Union infrastructure, industrial and agricultural projects, the development of effective mechanisms for their financing as the most important goal of the EDB for the future. “At the current stage of integration, projects in the area of digitalization of the economy on the scale of the Eurasian Economic Union are extremely relevant. Digitalization opens up fundamentally new opportunities for aligning efforts, allows to increase the speed of integration processes and ensures transparency of the common market. The bank has set up the Digital Initiatives Fund to work in the area,” said the chairman of the bank.
He expressed confidence that the bank's key strategic goal can be the participation in the development of a common settlement space of the EAEU for cross-border settlements in national currencies. To develop this area, the EDB has introduced a settlement and clearing system. It is successfully used by local banks of all EAEU countries.
Nikolai Podguzov considers management of the Eurasian Fund for Stabilization and Development to be another of the most important tasks of the EDB. “The key role of the EDB here is the effective use and management of the EDB funds as the main instrument of stabilization of the EAEU countries and the formation of deep competencies and knowledge of the economies of the EAEU member-states,” he said.
The EAEU investment portfolio was $9.2 billion on 30 June. The total value of the projects implemented with the EDB's participation exceeded $30 billion. Now 87 major investment projects are being implemented in the EDB member states with the bank's participation. Over the past two years, the bank's project portfolio has been increasing on average by 30% annually.