The Eurasian Development Bank (EDB) participated in the side event titled "Regional Partnerships in Support of the SDGs: the Case of the EAEU and Other Initiatives in Eurasia" at the High-Level Political Forum on Sustainable Development (HLPF) under the auspices of the UN ECOSOC. This hybrid event, held in New York (USA), focused on the regional dimension of the SDGs and the impact of integration processes on the progress in achieving the SDGs by countries that are members of regional groupings.
The event brought together representatives from various international organisations and sustainability experts. The discussion centred on the role of the Eurasian Economic Union (EAEU) and other initiatives in Eurasia in advancing the 2030 Agenda.
Conrad Albrecht, Managing Director and Head of the EDB Directorate of Sustainability, delivered a presentation emphasising the importance of regional cooperation in achieving the SDGs.
He highlighted the unique role the EDB plays in developing cross-country infrastructure and business integration in Central Asia. As a project-oriented bank, the EDB finances projects ranging from US $20 million to US $200 million with sustainable integration, economic, environmental and social impacts. The Bank's experience and expertise in Central Asia make it a preferred partner, including for small and medium-sized enterprises (SMEs), in implementing projects that contribute to the SDGs.
"We provide financing for sustainable development projects across many sectors of the real economy and the local financial sector. Our track record and experience gained over 18+ years of operations focus on critical infrastructure such as transport, chemicals, metals, mining, engineering, utilities and energy. All these activities are environmentally sensitive and carbon-intensive, requiring robust and effective systems for environmental and social risk assessment, monitoring and control," said Conrad Albrecht.
He also highlighted some significant regional achievements in sustainable development financing, such as the issuance of sovereign bonds in Uzbekistan to finance the SDGs and the provision of tax incentives in the Kyrgyz Republic to help achieve the SDGs.
Conrad Albrecht emphasised that, despite evident successes, sustainable investments need to be significantly increased achieve the SDGs by 2030. He noted that the annual financing gap for the SDGs for Central Asia approximates US $38 billion, while the total investment needed is estimated at US $228-266 billion by 2030.
"According to the latest Joint Report on Multilateral Development Banks Climate Finance, only 4% of climate investments in low- and middle-income countries were allocated to Central Asia," he said.
Additionally, he underscored the importance of encouraging global institutional investors such as international banks, asset managers, pension funds, investment boutiques and family offices to establish regional and local branches in Central Asia. Their presence in the region will allow to capitalise on new business opportunities and strengthen cooperation with public institutions.
Conrad Albrecht also placed special emphasis on the development of renewable energy. He mentioned that 68% of the EDB's green investment portfolio currently consists of renewable energy projects. He also acknowledged that countries such as Kazakhstan, the Kyrgyz Republic and Tajikistan remain dependent on coal-fired generation, necessitating a transition to cleaner energy sources.
Additional Information:
The Eurasian Development Bank (EDB) is a multilateral development bank investing in Eurasia. For more than 18 years, the Bank has worked to strengthen and expand economic ties and foster comprehensive development in its member countries. The EDB's charter capital totals US $7 billion. Its portfolio consists principally of projects with an integration effect in transport infrastructure, digital systems, green energy, agriculture, manufacturing and mechanical engineering. The Bank adheres to the UN Sustainable Development Goals and ESG principles in its operations.
The EDB Media Centre:
+7 (727) 244 40 44, ext. 6148
