RUSNANO and Eurasian Development Bank (EDB) to Start Work on Green Hydrogen

By June 8, 2021 3   min read  (491 words)

June 8, 2021 |

Fuel cells works, RUSNANO and Eurasian Development Bank (EDB) to Start Work on Green Hydrogen

RUSNANO and the Eurasian Development Bank (EDB or the Bank) are to start collaborating on the implementation of projects in the green hydrogen, renewable energy, and high tech sectors in the Eurasian Economic Union (EAEU).

The agreement to this effect was signed at the St. Petersburg International Economic Forum by Sergey Kulikov, Chairman of the Executive Board at RUSNANO MC (Management Company), and Nikolai Podguzov, Chairman of the Management Board at EDB.

The aim of the accord is to enable EDB to finance a new alternative energy fund being established by RUSNANO with the aim of providing funding for the renewable energy sector. It is expected that this organization will make investments not only in the Russian Federation but also Kazakhstan and other EAEU nations.

In addition, the two sides agreed on the terms and conditions under which the Bank is to finance RUSNANO projects aimed at promoting the development of high-tech companies.

“By implementing joint alternative energy projects with the EDB we will be able to create significant potential for enhancing the technology environment and establishing projects to reduce the carbon footprint that would be attractive to investors. As a development institution with vast experience of implementing innovation projects we will be in a position to offer unique expertise for companies in the EAEU,” stated Sergey Kulikov, Chairman of the Executive Board at RUSNANO MC.

“The Eurasian Development Bank has formally agreed to consider becoming involved in financing the RUNSANO alternative energy fund and its projects, including the company’s initiatives in the green hydrogen sector. The agreement is another step by the EDB on the path towards ‘going green’ that both of our nations are on. I would like to remind you all that we own a stake in Green Finance Centre Ltd. of Astana International Financial Centre (AIFC), an organization focused on attracting green finance projects and promoting the use of green financing instruments in the Central Asian region. The document signed today will enable us to start discussions about ample opportunities that the EDB can provide in order to implement cutting edge environmentally-friendly projects in member states of the Bank,” said Nikolay Podguzov, Chairman of the Management Board at EDB.

The RUSNANO Group includes the RUSNANO Joint Stock Company, the RUSNANO Management Company and the Fund for Infrastructure and Educational Programs. Thanks to RUSNANO’s investments, there are currently 138 factories and R&D Centers opened in 37 regions in Russia.

The Eurasian Development Bank (EDB) is an international financial institution established to promote economic growth in and support integration of its member states, i.e. Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia and Tajikistan. The Bank’s charter capital totals $7 bln. EDB was established in January 2006 and its headquarters is located in Almaty. The Bank’s priority is to support projects that promote integration in spheres of transport infrastructure, digitalization, renewable energy, agriculture, manufacturing and engineering.

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