Eurasian Development Bank and CIS Electric Power Council to collaborate in power sector projects

Memorandum of cooperation was endorsed by chairman of the Board of EDB Igor Finogenov and CIS EPC President Alexander Novak. The document was signed during the St. Petersburg International Economic Forum.

The sides agreed to develop mutual activity in several areas. Including development of international economic cooperation and integration in the electricity sector, technical assistance in preparation of investment projects in the power sector, the analysis and evaluation of investment projects in this direction. The collaboration also provides for working out proposals for financing of investment projects in energy, with the integration effect, research on economic integration in the electricity industry.

As Igor Finogenov says, the development of cross-border supply of electricity will largely determine the future of electricity industry in the CIS, as it will allow more efficient use of energy resources, improve security of supply and reduce environmental impact. Joint preparation and promotion of the Eurasian Development Bank and the CIS Electric Power Council of long-term investment projects in the power sector in the region will serve as a sustainable economic progress of the countries of the Commonwealth and deepening of economic integration between the parties.

CIS Electric Power Council was established in 1992 in accordance with the agreement on coordination of inter-state relations in the field of electric power, and the CIS is an intergovernmental body of the CIS. The most important activity of the CIS Electric Power Council is to create a legal space of the CIS countries in the field of electric power.

The purpose of CIS EPC is to conduct joint and coordinated actions of the CIS in the electric power industry to ensure a sustainable and reliable power their economies and populations on the basis of the effective functioning of the interconnection of the electricity systems of the CIS.

In addition, interconnection of CIS energy systems works in parallel with energy systems of Latvia, Lithuania, Estonia and Mongolia.There is exchange of electricity with power systems of Armenia, Norway, Finland, Poland, Slovakia, Hungary, Turkey, Iran, Afghanistan and China.

Eurasian Development Bank is an international financial institution established by Russia and Kazakhstan in January 2006 to promote progress of market economies, their sustainable economic growth and expansion of trade and economic ties. The authorized capital exceeds $ 1.5 billion, its member states are Belarus, Armenia, Kazakhstan, Kyrgyzstan, Russia and Tajikistan.