OREANDA-NEWS. The delegation of Eurasian Development Bank (EDB) took part in the annual meeting of the Board of Governors of the Asian Development Bank (ADB), which is traditionally held in the first days of May in one of its member states. The current 48th session was arranged in the capital of Azerbaijan.

In Baku, the EDB delegation comprising Alexey Cherekayev, Head of Project Team at the ACF, and Andrey Shirokov, Director of the Bank's Representative Office in Bishkek, met with ADB's Vice President Lakshmi Venkatachalam and directors of its regional and sector departments to discuss promising projects for co-financing and other areas for cooperation.

In 2013 EDB, as the Resources Manager of the EurAsEC Anti-Crisis Fund (ACF), and the ADB signed a framework agreement on co-financing investment projects. The agreement envisioned the joint financing of projects in the countries, which are members of both EDB and the ADB: Armenia, Kazakhstan, Kyrgyzstan, and Tajikistan. EDB and the ADB agreed on the extent of their participation in projects and the most promising areas for cooperation in public (large infrastructure projects) and private sectors.

Under the agreement, the two regional development banks co-finance the construction of the Bishkek-Osh road corridor in the Kyrgyz Republic, and the North-South road corridor in Armenia. In the near future they plan to launch another joint project - the rehabilitation of the Toktogul hydropower plant in Kyrgyzstan.

In addition, Alexey Cherekayev and Andrey Shirokov met with Saroj Kumar Jha, the World Bank Regional Director for Central Asia, and Henry Kerali, the World Bank Regional Director for the South Caucasus, to discuss cooperation between EDB and the WB in Central Asia and Armenia.

The EDB delegation also took part in a number of sustainable development workshops and in the high-level donor conference arranged on occasion of the annual meeting of the ADB Board of Governors.