Archive of EFSD News
EFSD Council holds its 28th meeting
Moscow, 23 September 2016. – 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.
The EFSD Council also approved the Annual Report of the EFSD Resources Manager for 2015, and discussed other issues of the Fund’s institutional development and day-to-day operations.
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. 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.
Read more at: http://eabr.org/
The Eurasian Fund for Stabilisation and Development (EFSD) amounting to US $8.513 billion was formed on 9 June 2009 by the governments of the 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 processes in the region. The EFSD member countries signed the Fund Management Agreement with EDB giving it the role of the EFSD Resources Manager.
Read more at: http://efsd.eabr.org/
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