Armenia’s Minister of Finance meets with EFSD Executive Director
Yerevan, May 20, 2024. Vahe Hovhannisyan, Armenia’s Minister of Finance, met with Andrey Shirokov, Executive Director of the Eurasian Fund for Stabilization and Development (EFSD).
The discussion focused on the construction of a 7-kilometer tunnel near Kajaran, which is part of the North–South road corridor, and financing for the reconstruction of the existing Yerevan–Yeraskh–Goris–Meghri–Armenian border road. The Minister highly appreciated the Fund’s participation in such a significant project.
The parties also reviewed details of certain investment and grant programs implemented by the Fund, including a technical assistance program to improve financial reporting by public organizations.
They emphasized the importance of the mid-term evaluation of progress under the EFSD 2022–2026 Strategy, as well as the strategies of the member countries, and agreed to schedule a detailed discussion by the end of May.
The meeting concluded with an official ceremony to sign an agreement for a US $100 million financial credit from the EFSD.
The EFSD’s portfolio in Armenia approximates US $500 million.
The Eurasian Fund for Stabilization and Development (EFSD) is a regional financial arrangement totaling US $9 billion, established in 2009 by the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan. The EFSD aims to promote economic and financial stability in its member states and support their sustainable development.
The EFSD Press Service: