Council of the Eurasian Fund for Stabilisation and Development approves investment loans to Armenia and Kyrgyzstan

Moscow, 3 June 2015. The Council of the Eurasian Fund for Stabilisation and Development has approved two investment loans — to Armenia and Kyrgyzstan.

The investment loans will be provided to finance t he projects of Irrigation System Modernisation in Armenia in the amount of US $40 million and Toktogul HPP Rehabilitation (Phase 2) in Kyrgyzstan in the amount of US $100 million.

At the meeting Council of the Fund also approved the Annual Report of Eurasian Development Bank on its activity as the EFSD Resources Manager for 2014.

The Council of the Fund has taken a decision in principle to provide a financial credit of US $40 million to Tajikistan in 2015-2016, while requesting the Manager and the Government of Tajikistan to work further on certain measures in the reform matrix to be supported with the credit. The Manager has also been instructed to continue preparation of its appraisals of requests from Armenia and Belarus for financial credits.

Additional Information

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 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.

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The Eurasian Fund for Stabilization and Development (EFSD) amounting to US$8.513 billion was formed as the EurAsEC Anti-Crisis Fund on 9 June 2009 by the governments of six countries: Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan. The objectives of the Fund are to assist its member countries in overcoming the consequences of the global financial crisis, ensure their economic and financial stability, and foster integration processes in the region. The Fund’s member countries signed the Fund Management Agreement with Eurasian Development Bank giving it the role of the Fund’s Resources Manager.

Read more at https://efsd.org/

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