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EDB expects financial results for 2024 not to be worse than last year

Chairman of the EDB Management Board Nikolay Podguzov stressed that the volume of investments, the quality of the portfolio, the level of provisions and the share of overdue loans are important for the development bank

ALMATY, June 27. /TASS/. The Eurasian Development Bank (EDB) expects its financial results for 2024 to be no worse than the previous year's ($125 mln - TASS), Chairman of the EDB Management Board Nikolay Podguzov told TASS on the sidelines of the annual meeting and business forum of the development bank.

"In 2023, EDB's net profit reached $125 mln and the volume of investments reached $1.7 bln. This is a good figure, we exceed the two-year strategy. This year we need to invest around $1.8 - 2 bln, we are still going over - less than the plan, in the first half of the year we already have about $1 bln in investments. This is a good financial result, but we still have six months to go. I am sure that in 2024 we will not be worse off than in 2023," he noted.

At the same time, Podguzov stressed that the volume of investments, the quality of the portfolio, the level of provisions and the share of overdue loans are important for the development bank. "We are doing well. In addition, our interest rates are high throughout the region, which affects the fact that revenues from interest activities is now somewhat higher," he said.

The EDB is an international financial organization that carries out investment activities in the Eurasian space with the aim of expanding economic ties and comprehensive development of the participating countries: Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan. The main share of EDB's portfolio is integration projects in the areas of transport infrastructure, digital systems, green energy, agriculture, industry, and engineering.

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