The Bank plans to extend RUB 10 billion to this end to Russia’s territorial subdivisions.

The Eurasian Development Bank (EDB) intends to provide RUB 10 billion to finance the expedited replacement of elevators with expired useful life in apartment buildings in Russia. The respective memorandum was signed at the 14th International Conference on Eurasian Economic Integration by Andrey Beliyaninov, Chairman of the EDB’s Management Board, Sergey Stepashin, Chairman of the Public Council at the Ministry of Construction, Housing and Utilities of the Russian Federation, Vladimir Semashko, Ambassador Extraordinary and Plenipotentiary of the Republic of Belarus to the Russian Federation and Special Representative of the Republic of Belarus for Integration Cooperation Affairs in the Union State, and Grigory Rapota, State Secretary of the Union State.

As estimated by the Elevator Commission of the Public Council at the Russian Ministry of Construction, as of 1 January 2019, there were 473,480 elevators in residential buildings in Russia, of which 93,565 (20%) had their useful life of 25 years expired and did not conform to modern safety and comfort standards.

The EDB and the Public Council at the Ministry of Construction have developed an investment project to replace elevators in residential buildings throughout Russia in an expedited fashion, to be financed from non-budgetary funds extended by the EDB.

At the first stage, in 2020, the EDB intends to provide a RUB 10 billion interest-free credit for regional repair operators for up to 60 months, without raising tariffs for apartment owners. This will ensure replacement of over 5,000 elevators with expired useful life in 2020-2021 to improve safety for around 1 million of people.

It should be noted that the project has been developed with support from the Embassy of the Republic of Belarus in the Russian Federation and the Standing Committee of the Union State. Belarus is home to Mogilevliftmash, the EAEU’s largest elevator manufacturer, that produced over 14,000 elevators in 2018 and is cooperating closely with Russian suppliers of metals and parts, with mutual cooperation accounting for some 70%. In 2019, as part of mutual integration initiatives, Mogilevliftmash opened three joint enterprises in Russia, including MLM Vozduhotehnika in Moscow, MLM Nevsky Lift in St. Petersburg, and NLM in Moscow Region.

Additional Information:

The Eurasian Development Bank (EDB) is an international financial institution founded by Russia and Kazakhstan in January 2006 with the mission to facilitate the development of market economies, sustainable economic growth, and the expansion of mutual trade and other economic ties in its member states. The EDB's charter capital totals US $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.

The Public Council at the Ministry of Construction, Housing and Utilities of the Russian Federation is a consultative and advisory body exercising community oversight to ensure that the needs and interests of Russian citizens are taken into account and protect their rights and freedoms in the context of the implementation of the government policies in the areas of operation supervised by the Ministry of Construction, Housing and Utilities.

The Special Representative of the Republic of Belarus for Integration Cooperation Affairs in the Union State represents Belarus in contacts with officials and government agencies of Russia, as well as bodies of the Union State, as regards bilateral cooperation in order to promote trade, economic and investment ties with Russia.

The Standing Committee of the Union State governed by the Treaty on the Establishment of the Union State dated 8 December 1999 coordinates sector-specific and functional bodies of the Union State and their interaction with the national agencies of the member states.

The EDB Media Centre:

Alexander Savelyev +7 (985) 765 23 59 (Moscow)

Azima Sapargaliyeva +7 (777) 750 00 08 (Almaty)

Sergey Gorbachev +7 (916) 727 22 00 (Moscow)

pressa@eabr.org

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