Head Of Eurasian Development Bank Confirms Shareholder Negotiations With Hungary

Muhammad Irfan Published April 25, 2019 | 10:15 PM

Head of the Eurasian Development Bank (EDB) Andrey Beliyaninov confirmed on Thursday that the bank was in talks with Hungary on the latter possibly becoming a shareholder

KONAKOVO (Russia) (UrduPoint news / Sputnik - 25th April, 2019) Head of the Eurasian Development Bank (EDB) Andrey Beliyaninov confirmed on Thursday that the bank was in talks with Hungary on the latter possibly becoming a shareholder.

Hungarian Finance Minister Mihaly Varga met with Beliyaninov earlier in April in Budapest to discuss potential cooperation. After the talks the Hungarian Finance Ministry said that a partnership with the EDB would enhance investment opportunities for Hungarian companies in water management, transport technology, IT, pharmaceuticals, health care, farming technology and the food industry.

"I confirm that we are in talks [with Hungary on its possible joining the shareholders], but there is no certainty yet.

I cannot tell you anything about the amount of contribution," Beliyaninov said.

He also refused to announce any specific terms.

The EDB, founded by Russian President Vladimir Putin and then-Kazakh president Nursultan Nazarbayev in 2006, is an international financial institution designed to promote economic growth in its member states and to strengthen trade and economic cooperation among them.

The bank comprises four more members Armenia, Belarus, Kyrgyzstan, and Tajikistan and its cumulative investment portfolio totals $7.7 billion.