EDB, CIS Electric Power Council to team up to draft energy projects
MINSK. June 21. KAZINFORM The Eurasian Development Bank (EDB) and the CIS Electric Power Council have agreed to collaborate in developing integration projects in power engineering, the press service of the Eurasian Development Bank reports.
The memorandum of cooperation was signed by Chairman of the Board of the EDB Igor Finogenov and President of the CIS Electric Power Council Alexander Novak. The document was concluded during the Saint Petersburg International Economic Forum.
The parties agreed to intensify cooperation in a number of areas, in particular to expand international economic ties in electric engineering, to provide technical assistance in drafting investment projects in power engineering, to conduct analysis and assessment of investment projects. The parties will also develop proposals on financing integration-based investment projects in power engineering and carry out research in economic integration in power engineering.
Igor Finogenov noted that expansion of cross-border electric energy supplies will in many ways shape the future of the power engineering industry of the CIS, because it will help enhance the efficiency of energy use and reliability of energy supplies and reduce the environmental stress. The joint preparation and promotion of long-term investment projects by the Eurasian Development Bank and the CIS Electric Power Council will contribute to sustainable economic development of the CIS member states and integration between them, kazinform has learnt from BelTA.
The CIS Electric Power Council was established in 1992 in line with the CIS agreement to coordinate interstate relations in power engineering. The Council is an intergovernmental body of the CIS. The major objectives of the Council are to create a legal framework to facilitate cooperation of the CIS member states in power engineering, to harmonize their policies in power engineering in a bid to ensure smooth and reliable electric energy supply.
The Eurasian Development Bank is an international financial institution founded by Russia and Kazakhstan in January 2006 with a view to assisting the development of market economies of the participating states while facilitating their sustainable economic growth and expanding their mutual trade and economic ties. The EDB's authorized capital exceeds $1.5 billion. The participating states are Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan.