Annual Meeting & Business Forum

Session: The Eurasian Transport Network: Potential, Challenges and Solutions

Thursday, June 27th

16:00 - 17:30

Translation

About the session

The new report released by the EDB presents the findings of its research into the development prospects of cross-border transport corridors crucial to the region’s economies. Overcoming the challenges of transport connectivity is key to unlocking the development potential of Central Asian economies. All five Central Asian countries are landlocked, with Uzbekistan being a double landlocked country. The remoteness of these countries from global markets and high trade costs pose serious constraints to their development. Their trade costs are 40% higher than those of the coastal states, and some production niches cannot emerge because the costs are prohibitively high.

This is why the EDB is promoting the concept of the Eurasian Transport Network. The concept is based on the understanding that linking East–West and North–South transport corridors generates synergies, creating new logistics opportunities, new routes and through fares. The experience of linking the TRACECA and North–South corridors demonstrates that freight traffic and international transit can increase by 40% as a result of connecting two corridors.

Enhancing transport connectivity in Central Asia means reducing costs, while the region gets a chance to become a transport hub.

The EDB projects that freight traffic along the three main corridors crossing Central Asia (Central Eurasian Corridor, TRACECA and North–South) will increase by almost two-thirds to 1.7 million containers (TEU) by 2030.

However, realising this potential fully necessitates concerted efforts from all stakeholders, including freight and infrastructure owners, regulators, supranational organisations and financiers. The session titled The Eurasian Transport Network: Potential, Challenges and Solutions focuses on finding possible solutions to the challenges facing the market.

Questions for discussion:

What are the main routes comprising the Eurasian Transport Network? What has been built, and what still needs to be constructed?
What are the priorities for developing the freight base for the Eurasian Transport Network corridors?
What tools and mechanisms can be proposed to unlock the potential for boosting end-to-end freight rail connectivity in Eurasia?
What are the prospects for developing passenger traffic? Is there a need to develop passenger infrastructure? What should be done to stimulate growth in passenger traffic, and where?
What solutions can help overcome local infrastructure and industry imbalances?
How can multilateral development banks contribute to the success of market-driven initiatives?

Moderator

Yevgeny Nadorshin

Macroeconomist

Speakers

Miroslaw Antonowicz

Chairman, Committee of the Organisation for Co-operation between Railways (OSJD)

Since 2020 Mirosław Antonowicz has been serving as the Chairman of the Committee of Organisation for Co-operation between Railways (OSJD). Previously held management positions at Polish State Railways PKP S.A., including Executive Board Member, Deputy Director of the PKP CARGO Strategy Bureau, Executive Board Member for Strategy, Marketing, and Commerce; Director of the Bureau of Planning and Economic Analysis, as well as Head of the Marketing Division, Freight Directorate of the Polish State Railways; Head of Planning and Strategy Division, Traction and Rolling Stock Directorate. From 2006 to 2010 he served as Deputy Chairman for Market Regulation, Office of Rail Transport (UTK, the Polish Regulatory Body for Railway Transport).

Alevtina Kirillova

CEO, ANO «Eurasian Agrologistics»

Alevtina Kirillova holds the position of General Director of the ANO "Eurasian Agrologistics" - the managing Directorate of the integration project of the Eurasian Economic Union "Eurasian Agroexpress". Doctor of Technical Sciences, Academician of the Russian Academy of Transport. Honorary Railway Worker of the Russian Federation. Co-chairman of the International Business Club "North-South". International expert of the Working Group on Dry Ports of the United Nations Economic Office and the Transport Division of the Social Commission for Asia and the Pacific (ESCAP).

Aliya Murzagaliyeva

Managing Director for Asset Management and Project Operations, JSC "NMH "Baiterek"

Aliya Murzagaliyeva has extensive experience in various government and corporate structures in Kazakhstan. Since March 2024, she has been the Managing Director for Asset Management and Project Management a JSC "NMH "Baiterek"t. She has 22 years of experience, including 14 years in the civil service, in the quasi-governmental sector has experience since 2018 as well as legislative sphere and since 2005 experience in the economic block of the state.

Dauren Kabiyev

Vice President - External Affairs, TAV Kazakhstan - Almaty International Airport

Dauren Kabiev has more than 20 years of experience in public sector, government agencies, quasi-governmental organizations and private companies. He started his career in the second-tier banks of Kazakhstan (2003-2006), where he was responsible for external funding for commercial projects. Then, after graduation from Columbia University (US) funded by the Bolashak Scholarship, he worked in the Presidential Administration (2008-2010), the Ministry of Foreign Affairs of Kazakhstan and the Embassy of Kazakhstan in the U.S. (2010-2015), and the Executive Office of the Prime Minister (2015-2016). Later he worked at the National Management Holding “Baiterek” (2016-2017), where he was responsible for the development of strategic investment partnerships.

Olga Revzina (Melo Zanelli)

Partner, Head of Paris CIS & CEE Desk, Herbert Smith Freehills LLP Paris

Olga is a highly experienced projects partner who specializes in large-scale and complex renewable energy and infrastructure development projects in emerging markets. She advises both private international sponsors and lenders (as well as subcontractors and operators), and public clients (including State authorities and State-owned companies) and on all aspects of cross-border projects in the renewable energy & infrastructure sectors, with a particular focus on the CIS and CEE countries, assisting international clients on all aspects of their business in the region including Kazakhstan, Uzbekistan, Kyrgyzstan and other countries. Olga was one of the few lawyers involved in the very first attempts to implement PPP projects in Russia in the early 2000s. Prior to relocation to Paris, Olga was ranked as a leading lawyer for projects and PPP work in Russia (and emerging markets) by the leading legal directories for a period of 14 years, including Band 1 for Projects in Infrastructure – Russia by Chambers Europe and "Leading Individual" in PPP and Infrastructure Projects – Russia by Legal 500 EMEA.

Kabir Jurazoda

Director, Central Asia Regional Economic Cooperation Institute (CAREC Institute)

Mr. Jurazoda has over 25 years of professional experience in public service and public finance management, regional economic cooperation and integration, public social policy, strategic planning, monitoring, and evaluation. Prior to joining the CAREC Institute, Mr. Jurazoda was an Advisor, Office of the Assistant to the President of the Republic of Tajikistan for Economic Affairs. He was also the First Deputy Chairman Committee of Youth, Sport and Tourism under the Government of Tajikistan from 2006 until 2014 and Deputy Chairman to the Committee of Youth Affairs under the Government of Tajikistan since 2003 until 2006. He also has experience in international organizations working as a National Coordinator to the World Bank Project on Creating Socio-Economic Opportunities for Youth in the Republic of Tajikistan in 2007-2010.

Vladimir Kazbekov

Vice-President and Chief Operating Officer, New Development Bank

Mr. Vladimir Kazbekov is Vice President and COO of the New Development Bank. Mr. Kazbekov worked in executive position for the Russian National Development Bank – the state corporation bank for development and foreign economic affairs (Vnesheconombank) for more than 15 years. During this time Mr Kazbekov gained extensive experience in the field of development finance. He has greatly contributed to the development of BRICS Interbank cooperation mechanism that includes the national development banks of BRICS countries. Prior to his appointment in Vnesheconombank Mr. Kazbekov served as the Deputy Director of the Foreign Policy Department of the Presidential Executive Office of the Russian Federation. He has nearly 20 years of experience in the Russian Ministry of Foreign Affairs, predominantly in Asian countries.

Iaroslav Mandron

Vice Chairman of the Management Board, Eurasian Development Bank

Iaroslav Mandron possesses extensive work experience in the public and corporate sector. Since February 2021, he holds the position of Vice Chairman of the Management Board of the Eurasian Development Bank. In the EDB, he is in charge of strategic development, corporate governance and interaction with shareholders, and development of project activities in several member countries of the EDB. He joined the EDB in September 2020 as a Senior Managing Director.

Business Forum Opening Ceremony
Session: Water, Energy and Food in Central Asia: Partnerships and Projects for Sustainable Development

Thursday, June 27th

12:00 - 14:00

Translation

About the session

Water, energy and food are key components of sustainable economic development, with undeniable interdependence. It is impossible to generate hydroelectric power without water or to supply water to water-scarce regions without energy, and food production depends on both resources.

The water, energy and food nexus directly impacts achievement of the United Nations’ SDGs 2, 6 and 7 (food, water and energy security). Furthermore, it indirectly 4 influences SDGs 11 and 12 (sustainable cities and responsible production and consumption).

Water scarcity is already having a profound impact on economic development in Central Asia, reshaping various sectors. Water, energy and food security stand among the region’s top long-term development priorities. Addressing the water, energy and food nexus requires optimised resource usage, enhanced efficiency, political coherence and joint management of transboundary water resources by all Central Asian countries.

This challenge particularly impacts agriculture. The sector is a major employer, relies on irrigated farming, consumes up to 90% of available water, and exhibits low water use efficiency. Despite considerable irrigation infrastructure, its deterioration and outdated operational principles result in substantial water losses. The irrigation infrastructure is over 50 years old, and 40% of the water is lost through irrigation canals. Water shortages are exacerbated by the countries’ outdated energy system, requiring additional water storage in reservoirs during spring and summer for efficient power generation in winter. However, this process conflicts with summer water demands for irrigation.

Moderator

Evgeny Vinokurov

Vice Chairman of the Management Board and Chief Economist, Eurasian Development Bank

Speakers

Askhat Orazbay

Chairman of the Executive Committee of the International Fund for Saving the Aral Sea (IFAS)

Bolat Bekniyaz

First Vice-Minister of Water Resources and Irrigation of Kazakhstan

Utsav Kumar

Country Director, Kazakhstan Resident Mission, Asian Development Bank

Sukhrob Khojimatov

Resident Representative a.i., United Nations Development Programme in Kazakhstan

Michael Detlefseen

Chief of the Division of Innovative Finance and International Financial Institutions, UNIDO

Michael Dethlefsen graduated from the Technical University of Denmark in 1989 and holds a MBA equivalent in International Finance and Foreign Trade from Copenhagen Business School. Having served for almost 10 years in various positions in the financial services industry (Associate Director at Deutsche Bank AG, Principal Banker at the European Bank for Reconstruction and Development (EBRD), Business Development Director at Transamerica Corporation, Private Equity Manager at Templeton Asset Management Ltd), Michael “swapped” tables and moved into the field of procurement and supply chain management. Starting off as acting CEO and Chief Procurement Officer (CPO) at the United Nations Mission in Kosovo (UNMIK), he assumed overall procurement responsibility for all entities of the Provisional Institutions of Self-Government in Kosovo. Subsequent to this, he assumed the role as Chief Procurement Officer at the Organization for Security and Co-operation in Europe (OSCE). Since September 2009, he occupied the post as Chief, Procurement Services Division at UNIDO. In the context of a major restructuring at UNIDO, Michael is heading the newly created Division of Innovative Finance and International Financial Institutions since August 2022.

Nanna Skau

Head of Country Office in Armenia of the UNITED NATIONS WORLD FOOD PROGRAMME (UNWFP)

Sergey Turapin

Director in charge, Raduga All-Russian Research Institute for Irrigation Systems and Agricultural Water Supply (FGBNU VNII "Raduga")

Session: Digital Technology and Innovations for Eurasia

Friday, June 28th

12:30 - 14:00

Translation

About the session

As part of its programmatic and strategic activities, the Eurasian Development Bank stands out as the only development institution in Eurasia with a dedicated focus on supporting national digital transformation and fostering digital cooperation for cross-border integration.

The EDB and its Fund for Digital Initiatives direct their efforts toward bolstering national and integrative digital competencies through grants, loans and equity participation.

In addition, the EDB is actively working to implement venture capital financing. Venture financing enables support for startups, whose funding through conventional banking models is often challenging due to the specifics of this domain. This direction is quite important, as many development institutions and banks provide support to startups through venture capital instruments. Notably, the European Bank for Reconstruction and Development and the World Bank Group extensively utilise venture capital methods.

Another important tool in advancing digital transformation is the project approach based on the following principle: problem – problem formulation – project design/solution – project financing and implementation – policy formulation for scaling up outcomes. Successful digital projects and their scalability substantially reduce transaction costs for new entrants, enabling them to benefit from projects without significant capital investment in the problem identification and solution development cycle.

Moderator

Tigran Sargsyan

Deputy Chairman of the Board, Eurasian Development Bank

Speakers

Daniyar Kelbetov

CFA, FRM, Chief Product Officer of AIFC Authority, Chairman of Management Board of AIFC Green Finance Centre

Daniyar joined Astana International Financial Centre in 2016 and held various positions covering strategic planning, research, policy development. Currently, Daniyar oversees industry analysis, product development, sustainable development, carbon platform and legal development. His previous work experience includes positions in structuring, risk management and private equity at Citibank Singapore, Citi Private Bank, Kazakhstan Development Bank, National Investment Corporation of the National Bank of Kazakhstan. Daniyar holds MSc. in Financial Engineering from National University of Singapore and BSc. in Mathematical Sciences from Nanyang Technological University (Singapore).

Olesya Orlova

General Director, PROfashion Media Holding

Olesya Orlova is the co-owner, founder, ideological inspirer and CEO of Profession LLC, a media holding company that has been publishing the leading industry publication about the fashion industry PROfashion since 2006. An international specialist. He regularly participates as a speaker in conferences and round tables on fashion retail, marketing, production, government programs, etc.

Andrey Davydyuk

General Director, "Motorika" LLC

Business angel and CEO of “Motorica”. He joined the company in 2014 and elevated "Motorica" to the level of the largest manufacturer of functional arm prosthetics in Russia and one of the top 10 in the world. Today, the company is ranked in the Top 3 MedTech companies in Russia (SmartRanking). In 2023, it became the first prosthetics company on the bond market in Russia, with plans for an IPO in 2026. Mr Daviduyk is also a Chairman of the Cybathletics Union, an association of developers of assistive technologies, and a platform for competition for users of technical rehabilitation devices including prosthetic arms and legs, electric wheelchairs and neuro devices. Cybathletics is a part of The Games of the Future.

Dmitriy Mun

Acting Chairman of the Board, National Information Technologies

Dmitry Moon has been Acting Chairman of the Board of JSC National Information Technologies (JSC - NIT) since April 2024. Prior to his appointment to this position, Dmitry Moon was Deputy Chairman of the Management Board since August 2023.

Mochu Natalia

Regional Director, International Telecommunication Union for Commonwealth of Independent States

Dmitry Ioffe

Chairman, "Clean Games" NGO

In 2014, he established the Environmental Volunteer Project 'Clean Games' in St. Petersburg and the Leningrad Region. He began expanding the project to other regions of Russia in 2015. In 2017, the Agency for Strategic Initiatives awarded him the title of social project leader. 'Clean Games' was elevated to an international level in 2018, with events held in 38 countries at that time. In the same year, he was named the best eco-volunteer in the country. He won 1st place in the "Around Me" category for volunteers over 18 years old in the 'Volunteer of Russia 2018' competition.

Artur Arakelyan

Member of the Board (Minister) for Energy and Infrastructure, EEC, "Impulse" LLC

Arthur Arakelyan is the founder and ideological inspirer of the educational company “Impulse”, which began its work in 2019. In this role, he is responsible for the strategic development of the company, maintaining its mission and values, and is also involved in operational management. Artur Arakelyan completed his bachelor's degree at the Higher School of Economics at the Faculty of Physics, his master's degree at the Moscow State University Higher School of Business, and is currently studying and writing his candidate's thesis at the Russian-Armenian University in Yerevan. Artur Arakelyan is the winner of many physics and mathematics Olympiads, taught at schools and gave lectures for schoolchildren at the Higher School of Economics. Before founding the Impulse company, he was involved in organizing concerts and other events for more than two years. I managed to work in various companies as a head of sales department, analyst and project manager. He regularly speaks at various conferences, has won numerous accelerators and received grant funding from the Innovation Fund.

Session: Islamic Finance in Central Asia

Thursday, June 27th

10:00 - 11:30

Translation

About the session

As of the beginning of 2024, global Islamic finance assets totalled approximately US $4.0 trillion, constituting almost 2% of global banking sector assets.

The segment is experiencing rapid growth, with Islamic assets globally expanding at an average annual rate of 10.5% between 2015 and 2021, compared to 5.8% for conventional financial assets.

Islamic banks operate in over 40 countries. In most nations with developed Islamic finance, it coexists effectively with conventional finance. Besides the Gulf and Southeast Asian countries, Europe and North Africa are witnessing active 3 development of Islamic finance. The UK is Europe’s largest market and leader in Islamic banking (US $7.5 billion in assets).

In the Central Asian countries, the Islamic finance sector is in its nascent stage, with Islamic financial instruments accounting for 0.2% to 1.5% of banking assets. The sector’s structure is still evolving. Kazakhstan leads the region in Islamic finance development, representing 68% of all Islamic finance in the Central Asian countries.

A crucial element of the Islamic finance infrastructure is the presence of international development institutions, which serve as knowledge conduits and benchmarks for investment in the region. The Islamic Development Bank (IDB) Group provides development finance to the public and private sectors.

Moderator

Yahya Rehman

Deputy Managing Director, Islamic Development Bank Institute

Yahya Rehman heads the Islamic finance research, capacity building, technical assistance, and advisory team at the Islamic Development Bank Institute (IsDBI). Yahya is a Development Economist and Advisory Services Leader with over two decades of global experience and expertise in Islamic finance, strategy development, feasibility studies, business planning, capacity building, and project management. Yahya is a member of the AAOIFI Board of Trustees and sits on the AAOIFI’s Audit and Governance, and Nominations Committees, and the AAOIFI Education Board. Yahya is also a member of various technical working groups of the IFSB and CIBAFI. Yahya is also a member of the Executive Committee of the Global Islamic Finance and Impact Investing Platform (GIFIIP) – a joint initiative of the IsDB and UNDP.

Speakers

Ruslan Dalenov

Vice Chairman of the Management Board, Eurasian Development Bank

Ruslan Dalenov is the Vice Chairman of the Management Board, Eurasian Development Bank since February 2021. He is responsible for the project sector and development of Islamic finance within the Bank. Before his appointment to the EDB, he was the Minister of National Economy of the Republic of Kazakhstan from 2019. He held the posts of First Vice-Minister of National Economy and Vice-Minister of Finance of the Republic of Kazakhstan. He worked in various positions in the Tax Committee, the Ministry of Finance and the Ministry of State Revenue of the Republic of Kazakhstan. Ruslan Dalenov graduated from Marmara University (Republic of Turkey) and the Financial Academy (Republic of Kazakhstan).

Dr. Sami Al-Suwailem

Acting Director General, Islamic Development Bank Institute

Dr. Al-Suwailem is currently Acting Director General of the Islamic Development Bank Institute (IsDBI), the Islamic Development Bank Group, Jeddah, Saudi Arabia. Before joining IRTI in 2004, Dr. Al-Suwailem managed the Research and Development Center at Al-Rajhi Bank, Riyadh, Saudi Arabia. He worked at the Institute of Islamic and Arabic Sciences in America, Virginia; Southern Illinois University Carbondale, Illinois, USA; and King Saud University, Riyadh, Saudi Arabia. Dr. Al-Suwailem held membership in several professional committees, including the Technical Committee of the Islamic Financial Services Board; Economic Committee of Awqaf at the Ministry of Islamic Affairs in Riyadh; Academic Committee in Islamic Fiqh Academy of Muslim World League; Liquidity Risk Management Working Group at IFSB; and Task Force for Islamic Finance and Global Financial Stability at IsDB, among others. He obtained his M.A. from Southern Illinois University in 1990, and his Ph.D. from Washington University, St. Louis, Missouri, in 1995. He authored many books and published several papers on Islamic economics and finance.

Hamza Khalid Bawazir

Executive Vice President and Head of Sharia Department, Saudi National Bank

Mr. Hamza Bawazir serves as the Executive Vise President, Head of Shariah Division of Saudi National Bank. Saudi National Bank, headquartered in Riyadh, Saudi Arabia, also known as SNB AlAhli, is the largest commercial bank in Saudi Arabia, with total assets US$ 273.9 billion (2022). The Bank was founded in December 1953 under the name of the National Commercial Bank “NCB”. In April 2021, National Commercial Bank merged with Samba Financial Group under the name of Saudi National Bank Mr. Hamza holds Executive MBA, Bachelor’s degree in Shariah Jurisprudence. CMA of IMA, Member of Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) Board of Trustees, a Member of IIFM Board of Directors and Member of CIBAFI Board of Directors.

Dauren Kenbeil

Vice-Minister of Finance of the Republic of Kazakhstan

Ivan Chebeskov

Vice-Minister of Finance of the Russian Federation

Aidyn Tairov

Deputy Chairman of the Management Board, Al Hilal Islamic Bank

Plenary Session: Collaboration of MDBs: Addressing Global Challenges through Local Lenses

Wednesday, June 26th

10:00 - 11:30

About the session

The role, weight and importance of emerging markets and developing economies in the global economy are rapidly increasing – today, they account for 58% of the world’s GDP and 85% of its population. However, their growth prospects are not without challenges, as these countries increasingly need additional funding to develop sustainably. The total need for infrastructure financing until 2040 is estimated at nearly US $40 trillion. The growing financing gap impedes the construction and modernisation of essential infrastructure such as roads, railways, electricity and water supply. Multilateral development banks (MDBs) must step in to assist.

Globalisation processes present common challenges, yet, the world operates in a “glocal” mode, with each region having its specific characteristics. Acknowledging these specifics is crucial for effective economic strategies. The EDB proposes discussing several challenges that are global in nature but are applicable to many developing economies. In addition, we would like to do this through the regional “lenses” of Central Asia.

Strengthening the role and significance of MDBs is a top priority of the G20 agenda. The G20’s International Financial Architecture Working Group (IFAWG) is working toward this objective. This year, the G20 established a dedicated group on MDBs (IFA-MDB). In September 2023, G20 leaders urged MDBs to undertake a comprehensive effort to reshape their vision, incentive structures, operational approaches and financial capabilities to maximise their impact in addressing global challenges, in alignment with their mandate and commitment to help achieve the Sustainable Development Goals. Addressing global challenges requires the 2 involvement of all members of the MDB system. The family of international financial institutions, typically associated with major financial entities, will be more effective as an integrated system with horizontal and vertical linkages. It is crucial to ensure that MDB collaboration at all levels – global, regional and subregional – is complementary.

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