The Asian Infrastructure Investment Bank (AIIB) and the Eurasian Development Bank (EDB) have agreed to enhance collaboration in common areas of interest and support the development of projects in countries eligible to receive financial assistance from the two banks.

AIIB and EDB will cooperate in financing infrastructure projects (focusing on the transport, sustainable development, urban and energy sectors), consulting services, analysis and research. The agreement also strengthens knowledge-sharing between AIIB and EDB, including temporary assignments and staff exchanges.

"We are joining hands with EDB to address the significant infrastructure financing needs in the Eurasian region," said AIIB Vice President Joachim von Amsberg. "AIIB believes strongly in the power of partnership with other multilateral development banks because it promotes the exchange of knowledge, experience and resources with its peers."

"This agreement is an important step toward mutual efforts in delivering sustainable infrastructure in common countries of operations," said EDB Deputy Chairman of the Managing Board, State Secretary Andrey Krainiy. "We strongly welcome cooperation between our banks in addressing infrastructure needs of the region."

The agreement sets the stage for joint project financing. It will help further boost economic growth and prosperity in the region, enhance its internal and external connectivity in terms of trade, investment and business links.

About AIIB

The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank with a mission to improve social and economic outcomes in Asia. Headquartered in Beijing, we began operations in January 2016 and have now grown to 87 approved members worldwide. By investing in sustainable infrastructure and other productive sectors in Asia and beyond, we will better connect people, services and markets that over time will impact the lives of billions and build a better future.

About EDB

Eurasian Development Bank (EDB) is an international financial institution founded by Russia and Kazakhstan in January 2006 to promote development of market economies of its member states, and secure their sustainable economic growth and expansion of their mutual trade and economic ties. The charter capital of the EDB is $ 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.