International financial institutions and development agencies have realized more than 3 800 sovereign financing operations in the Eurasian region over the past 15 years

15 February 2023

In 2022, the EFSD launched a project to develop its own unique database of sovereign financing in Eurasia. SFD is a unique analytical product that aggregates data on publicly available sovereign financing activities in the Eurasian region. The EFSD is issuing this Working paper in order to present the SFD and its findings.

Moscow, February 15, 2023. The EFSD continues the series of working papers with an analysis of sovereign financing in the Eurasian region. The purpose of this Working Paper is to present SFD and its methodology, to provide a quantitative and qualitative assessment of the wide range of sovereign financing by IFIs and development agencies in 2008–2022 in 11 Eurasian countries.


SFD is formed on the basis of comprehensive information from open sources, including the official websites of international financial institutions (IFIs), their reporting and other primary information. The data collection methodology allows the collection of data on a wide range of sovereign financing: stabilization loans, investment loans, grants and technical assistance projects. The focus on the Eurasian region distinguishes SFD from other existing databases.

About 3 900 sovereign financing operations were included in the SFD, totalling approximately $90 bln. We recommend treating this figure as a rough conservative estimate due to the lack of public.

Approved financing boomed in 2009 ($8.6 bln), 2015 ($8.7 bln) and 2020 ($10.9 bln). It can be attributed to global crisis in 2009 and regional crisis in 2015 and the COVID-19 crisis in 2020 that forced countries to take numerous response measures.


Investment loans make up the bulk of operations in terms of approved financing during the analyzed period. Among them are projects in key sectors such as energy and food security, infrastructure development, healthcare and digitalization, etc.


The largest amount have been approved by the WB, ADB, IMF, and EFSD, accounting for almost 80% of the total during the analyzed period.

Figure. Total Approved Financing by Organization, $ bln


Uzbekistan is the leader (23.1%) in the total approved financing. It accounts for 541 operations worth $20.9 bln.

Figure. Committments by Country (left) and Number of Operations Approved (right)


The SFD was presented both at the Ministries of Finance of the Russian Federation, the Republic of Armenia, the Republic of Kazakhstan, the Kyrgyz Republic, the Republic of Tajikistan, Belarus, and within the donor committees of Tajikistan, Kyrgyzstan, and Armenia. The initiative was welcomed by the Ministries of Finance of the EFSD member countries. EFSD currently works with government authorities on information exchange based on the SFD.

The EFSD is open to cooperation with IFIs, national authorities, experts, and academia on the matter of the Database’s development and deployment for various applied and academic purposes.

The full text of the working paper is available online.

To access the Fund’s publications, please use this link.

Additional Information:

The Eurasian Fund for Stabilization and Development (EFSD) was formed on 9 June 2009 by the governments of the same six countries. The EFSD assists its member states in overcoming the consequences of the global financial crisis, ensuring their economic and financial stability, and fostering integration in the regon.

The EFSD Media Centre: