The EFSD Council approves a US $500 million financial credit for Belarus
Moscow, 12 October 2020. On 9 October 2020, the Council of the Eurasian Fund for Stabilization and Development (EFSD) managed by the Eurasian Development Bank (EDB) approved the provision of US $500 million budget support to Belarus.
The funds will be provided for up to ten years with a five-year grace period at a floating interest rate (the average yield of Russian US dollar-denominated Eurobonds for seven years).
The EFSD credit will be used to implement Belarus’s Government and National Bank’s programme to counter the impacts of COVID-19 on the economy and the financial and social sectors and help to maintain the country’s gross international reserves.
The 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 EDB's charter capital totals US $7 billion. 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.
The Eurasian Fund for Stabilization and Development (EFSD) amounting to US$8.513 billion was formed on 9 June 2009 by the governments of the same six countries. The objectives of the EFSD are to assist its member countries in overcoming the consequences of the global financial crisis, ensure their economic and financial stability, and foster integration in the region. The EFSD member countries signed the Fund Management Agreement with Eurasian Development Bank giving it the role of the EFSD Resources Manager.
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