WB, EDB to cooperate on EURASEC Anti-Crisis Fund projects

PanARMENIAN.Net - World Bank (WB) and Eurasian Development Bank (EDB) have signed a Framework Agreement that outlines forms of their cooperation on the EURASEC Anti-Crisis Fund (ACF) projects.

The Framework Agreement establishes the parties’ intention to develop cooperation via parallel co-financing of investment projects and joint analytical work on anti-crisis stimuli for the six member states of the ACF. The World Bank will also provide advisory services to the EDB on the design and implementation of investment projects and in the analysis and forecasting of macroeconomic trends in the region.

The Framework Agreement is based on the Memorandum of Understanding signed by the World Bank and EDB in October 2009, where the parties had declared their common interest in developing the capacity of EDB as an international development institution and stated their desire to specify priority areas and mechanisms for cooperation.

“The World Bank is a premier development institution with over 25 years of experience in supporting transition countries in institution-building and reforms,” said Igor Finogenov, Chairman of the Executive Board of the EDB. “Implementing this Agreement, will help EDB apply this experience in order to provide stronger anti-crisis stimuli to the economies of our member countries.”