Eurasian Development Bank joins Global Infrastructure Connectivity Alliance

Eurasian Development Bank joins Global Infrastructure Connectivity Alliance

The Eurasian Development Bank (EDB) and the Global Infrastructure Connectivity Alliance (Alliance) have executed a Memorandum of Understanding pursuant to which the EDB has acceded to the Alliance. 

The purpose of the Memorandum is to establish a cooperation relationship between the EDB, the Alliance, and its members with a view to promote the development of international integration infrastructure. The initiative focuses on transport, communication, power, and water supply infrastructure projects which help maintain connections within and between countries.

Cooperation within the framework of the Alliance is designed to increase the efficiency of interaction between multilateral development banks, enhance the use of available financial resources, and reduce the cost burden associated with the implementation of high-profile integration projects. Alliance members aggregate information on existing and proposed projects assess and forecast related funding needs. The interaction between Alliance members is effected, among other things, in the form of information exchanges, creation of a virtual expert network, and participation in global summits.

EDB involvement in this international initiative is intended to facilitate the development of domestic infrastructure of the Bank’s member states, and their further integration, both within the union and with the rest of the world.

Original source: EDB
Published on 12 December 2017