EDB says its prepared to finance COVID-19 vaccine production in EEU states

EDB says its prepared to finance COVID-19 vaccine production in EEU states
By bne IntelIiNews January 19, 2021

The Eurasian Development Bank (EDB) is “prepared” to finance the development of coronavirus (COVID-19) vaccine production in the Eurasian Economic Union (EEU) member states, Nikolai Kushnarev, director of the Industrial Policy Department of the Eurasian Economic Commission (EEC), has said in an interview with BelTA.

EEU nations face logistical issues in terms of both the production and the distribution of the vaccine. The EDB is an international financial institution founded by Russia and Kazakhstan in 2006 for the purpose of supporting and promoting regional integration. Its member states include Armenia, Belarus, Kazakhstan, the Kyrgyz Republic, the Russian Federation and Tajikistan.

“Representatives of the bank expressed readiness to provide financial support for projects to set up vaccine productions in the EAEU member states,” Nikolai Kushnarev said. “Russia has already signed a number of agreements and memorandums on cooperation with Belarus and Kazakhstan to set up joint production facilities. The relevant technologies have been transferred. As you know, Russia has already started producing its own vaccines. It is expected that Belarus will launch the production of the coronavirus vaccine this quarter. The Russian Direct Investment Fund (RDIF) is working with Kazakhstan to establish a new joint venture for vaccine production in Karaganda.”. 

"The Eurasian Economic Commission and the RDIF are actively discussing the engagement of Armenian and Kyrgyzstan pharmaceutical manufacturers in the development of joint production. It is too early to talk about the terms and forms of cooperation - a number of meetings are yet to be held to clarify the details. However, all parties involved understand the importance of this project and addressing all the issues," Kushnarev added.

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