Hungary is ready to start talks on joining the Eurasian Development Bank (EDB) as a full member, Finance Minister Mihály Varga said at a conference in Moscow on Friday.

Joining the EDB would make inroads into new markets and open up new sources of financing for Hungarian companies, as well creating opportunities for new investments in the Hungarian economy, the ministry said in a statement.

If the accession talks are successful, Hungary will join a well capitalised financial institution that international credit rating agencies say has a strong financial profile and whose operation is in line with generally accepted international practices, he added.

The EDB was established by Russia and Kazakhstan in 2006 “to promote economic growth in its member states, extend trade and economic ties among them, and support integration in Eurasia through investment”, according to the lender’s website.

Since it was founded, Armenia, Tajikistan, Belarus and Kyrgyzstan have become full members.