OREANDA-NEWS. Eurasian Development Bank's (EDB) delegation headed by Chairman of the Management Board Dmitry Pankin paid an official visit to the Asian Development Bank (ADB).

Dmitry Pankin and Takehiko Nakao, President of the ADB, discussed a wide range of issues relating to cooperation between the two development institutions in project activities. The sides agreed to share experience and expertise.

They signed a framework co-financing agreement, setting forth the main areas and mechanisms of cooperation in the EDB and ADB member states. The document states that the banks will invest in projects in Armenia, Kazakhstan, Kyrgyzstan, and Tajikistan. EDB will provide USD 1 billion and the ADB USD 2 billion until 2021.

The banks also signed a protocol on joint additional co-finance for the investment programme to build the North-South road corridor in Armenia, envisioning an additional investment of USD 320 million to be provided by EDB if it receives the respective application from the Armenian Government.  EDB has already provided USD 150 million for the project. The ADB intends to assist EDB under the framework agreement and invest in the preparation of the project's feasibility study.

The banks also signed a protocol on joint additional co-finance for the investment programme to build the North-South road corridor in Armenia, envisioning an additional investment of USD 320 million to be provided by EDB if it receives the respective application from the Armenian Government.  Earlier there has already been signed the agreement for USD 150 million investments to the project. The funds will be allocated from the Eurasian Fund for Stabilization and Development, managed by EDB. The ADB intends to assist EDB under the framework agreement and invest in the preparation of the project's feasibility study.