The Council of the Eurasian Fund for Stabilisation and Development (EFSD, the Fund) has held its 28th meeting. It was attended by members of the EFSD Council – Ministers of Finance of the EFSD member states – and chaired by Anton Siluanov, Minister of Finance of the Russian Federation. The range of the meeting participants also included experts, as well as representatives of Eurasian Development Bank – the Fund’s Resources Manager (the Manager).
The Council meeting took place at the venue of the Moscow Financial Forum on September 23, 2016.
In that meeting, the EFSD Council members supported an investment loan to the Kyrgyz Republic in the amount of US $110 million to be funded with EFSD resources with the aim to finance the project of Commissioning of the Second Hydroelectric Generating Unit at Kambarata HPP-2. The endorsed project is essential for the energy security of the Kyrgyz Republic. When put into service, the second hydroelectric generating unit at Kambarata HPP-2 will help alleviate shortage of electricity in the region, especially in winter times, and increase electricity generation, which will reach 1,140 GWh.
The EFSD Council members also supported the Manager’s proposal to develop a new grant mechanism to finance preparation of EFSD investment projects with the Fund’s resources. That would help expand the range of EFSD-supported projects, which are to help address development challenges. The grants are expected to be funded with net profits of the EFSD. In addition, the Manager presented to the EFSD Council its report on performance under the programme for the Republic of Belarus supported with an EFSD financial credit totalling US $2 billion, of which US $800 million have been disbursed so far.23 September, 2016
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