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The prospects for expanding of Russian participation in the activities of regional development banks
Available online: 3 November 2014 Subject Heading: ISSUES ON ECONOMICS JEL Classification: Pages: 36-42
The article discusses the prospects of expanding Russian participation in the activities of regional development banks. The authors identify possible economic benefits of Russia after joining the Inter-American, Asian and African Development banks. The article provides a brief examination of the current negotiations about Russia's accession to these international organizations. The most successful one is the cooperation of Russia with the European Bank for Reconstruction and Development (EBRD). It is not surprising: the Bank has the leading position among the other international financial organizations in such important for the Russian Federation areas as corporate governance, SME development, municipal finance and others. The EBRD loans have increased the degree of confidence in Russia on the part of foreign financial institutions and private foreign investors. Now, there are more favorable conditions for investment in the domestic economy. Technical assistance of the EBRD has proved to be effective as a tool to support the reforms. Russia's participation in the activities of other regional development banks still produces weak economic effect on the domestic economy. The authors examine the reasons of the situation. One of the perspective areas of Russia's foreign policy in terms of economic cooperation with developing countries can be Russia's involvement in the Asian, African and Inter-American Development Banks. The authors consider in detail the conditions and possibilities for this involvement. However, building relationships in the new format is a slow and difficult process. The authors make an attempt to explain the difficulties of the process and the factors contributing to its development. The study identifies the tasks, the solution of which will promote Russia's cooperation with international financial organizations. Keywords: regional development bank, European Bank for Reconstruction and Development, Inter-American Development Bank, Asian Development Bank, African Development Bank, Asia-Pacific region, economic cooperation References:
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ISSN 2311-8709 (Online)
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