The EFSD becomes a permanent member of the MDB Heads of Procurement working group
Moscow, 20 October 2020. The Eurasian Fund for Stabilization and Development (EFSD) managed by the Eurasian Development Bank (EDB) has obtained the status of a permanent member of the Multilateral Development Banks’ Heads of Procurement (MDB HoP) working group. The decision was made at an MDB HoP meeting, where EFSD representatives also took part.
“The invitation to this group testifies to the high international level of the policies and procedures the EFSD uses to arrange procurement for the projects it finances,” noted Andrey Shirokov, EFSD Acting Executive Director.
Since 1998, MDB HoP members have met regularly to disseminate international best practices in procurement and explore opportunities for collaboration and mutual capacity building for their clients. In doing so, they keep in touch with other international organisations and agencies to help them improve their performance.
MDB HoP members are the African Development Bank, the Council of Europe Development Bank, the Asian Development Bank, the World Bank, the European Bank for Reconstruction and Development, the Asian Infrastructure Investment Bank, the European Investment Bank, the Black Sea Trade and Development Bank, the Inter-American Development Bank, the Caribbean Development Bank, the Islamic Development Bank, and the Central American Bank for Economic Integration.
The Eurasian Development Bank (EDB) is an international financial institution founded by Russia and Kazakhstan in January 2006 with the mission to facilitate the development of market economies, sustainable economic growth, and the expansion of mutual trade and other economic ties in its member states. The EDB's charter capital totals US $7 billion. The member states of the Bank are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan.
The Eurasian Fund for Stabilization and Development (EFSD) amounting to US$8.513 billion was formed on 9 June 2009 by the governments of the same six countries. The objectives of the EFSD are to assist its member countries in overcoming the consequences of the global financial crisis, ensure their economic and financial stability, and foster integration in the region. The EFSD member countries signed the Fund Management Agreement with Eurasian Development Bank giving it the role of the EFSD Resources Manager.
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