ALMATY, Kazakhstan, December 6. Development institutions should jointly mobilize financial resources for major projects, the Chairman of the Board of the Eurasian Development Bank (EDB), Nikolai Podguzov said during a session on “Partnerships in Central Asia: global challenges through the prism of local tasks” held in Kazakhstan's Almaty, Trend reports.
“A sustainable future in the Asia-Pacific region requires the construction of large infrastructure projects—hydroelectric power plants, roads, and factories. No financial institution will finance a multi-billion dollar project alone. Development institutions should jointly mobilize financial resources for such projects,” he said.
Podguzov identified seven promising areas for collaboration: capital mobilization to distribute the burden of substantial development projects; capital markets to attract funding; promotion of financing in local currency to mitigate risks for member states; project expertise to leverage best practices; joint research initiatives to explore new avenues of cooperation and consolidate knowledge; coordinated technical assistance to initiate new projects; and coordinated research projects to advance project development.
He also encouraged multilateral development banks and international organizations to join forces and pull together at every level.
“Our joint efforts to develop Central Asia will make the people's lives in our countries better. This is our major goal,” he added.
The Eurasian Development Bank is an international development finance agency that invests in the economic development, commercial relations, and integration of Eurasian countries. The EDB was established in 2006 and is based in Almaty, Kazakhstan.
Stay up-to-date with more news on Trend News Agency's WhatsApp channel
