Archive of EFSD News
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.
Eurasian Development Bank (EDB), as the Resources Manager of the Eurasian Fund for Stabilisation and Development (Fund), and the Kyrgyz Republic signed an investment credit agreement for US $110 million to be provided by the Fund to finance the commissioning of Unit 2 at Kambarata HPP 2. The document was signed by Dmitry Pankin, Chairman of the Management Board at EDB, and Adylbek Kasymaliyev, Minister of Finance of the Kyrgyz Republic
EDB negotiates alterations and amendments to the terms and conditions of the third tranche of the EFSD financial credit to Armenia
Experts from Eurasian Development Bank (EDB), which is the Resources Manager of the Eurasian Fund for Stabilisation and Development (EFSD, Fund), headed by Alisher Mirzoyev, Project Team Director, visited Yerevan from 6 to 9 February 2017 to negotiate alterations and amendments to the terms and conditions of the third tranche of the EFSD financial credit (US $100 million). The delegation met with Vache Gabrielyan, Vice Prime Minister of Armenia, and representatives of the involved ministries and authorities, the Central Bank and international financial institutions
The EFSD council has approved disbursement of the second tranche of the EFSD financial credit of US$ 100 million to the Republic of Armenia
The EFSD council has approved disbursement of the second tranche of the EFSD financial credit of US$ 100 million to the Republic of Armenia. The key areas of reforms supported under the EFSD programme include strengthening the financial soundness of the energy sector, raising the efficiency of the public finance management, and improving the investment climate. In the framework of the programme, the reforms to promote de-dollarization of the economy, greater credibility of the banking sector, and higher exports have also been continued
Eurasian Development Bank (EDB), as the Resources Manager of the Eurasian Fund for Stabilisation and Development (EFSD), announces the results of the collection of applications for the first competition for EFSD grants for social projects in Armenia, the Kyrgyz Republic and Tajikistan
The Republic of Tajikistan has received the first, US $20 million tranche of the financial credit from the EFSD managed by EDB. The tranche was extended as a result of the country's compliance with all the conditions precedent for its provision.
EDB, as the Resources Manager of the EFSD, and the Republic of Tajikistan signed a US $40 million financial credit agreement today. The credit will be provided to support economic reforms in the country in 2016-2017 in two tranches
Eurasian Development Bank disburses the second tranche of the financial credit of the Eurasian Fund for Stabilisation and Development to the Republic of Belarus
The Republic of Belarus has received the second tranche of the stabilization credit from the Eurasian Fund for Stabilisation and Development (the EFSD), which resources are managed by Eurasian Development Bank. The tranche size is US $300 million. Of the total amount of the credit of US $2 billion available to support the reform agenda of the Republic of Belarus in 2016-2017, US $800 million, including the first tranche, have been disbursed to the country by now.
The EFSD Council approved the tranche on 27 July 2016 based on Belarus’ compliance with all conditions of the second tranche, except for one indicative target envisaging a ceiling for government borrowings. The EFSD Council has also approved amendments and addenda to the Letter of Intent of the Government and the National Bank of the Republic of Belarus. These adjustments will help strengthen the stabilisation nature of the reforms, mitigate the risks of necessity for sharp policy adjustments, as well as improve the quality of monitoring and strengthen the transparency of the programme supported with the EFSD financial credit. All these adjustments have been reflected in the Economic Policy and Structural Reform Matrix (hereinafter – the Matrix).Read more
Eurasian Development Bank (EDB), as the Resources Manager of the Eurasian Fund for Stabilisation and Development (EFSD), announced the first competition for EFSD grants for the member states' projects in the social sphere. Armenia, Kyrgyzstan and Tajikistan are invited to take part in the competition.
Grants will be provided to finance projects in education, healthcare, public governance, and social support and protection, including food security.
The total amount made available by the EFSD for grants in the first competition approximates US $10 million. The amount of finance provided per project will be in the range between US $0.5 million to US $2 million for projects with an implementation period up to 1.5 years, and between US $2 million and US $5 million for projects with an implementation period of 1.5 years and more. The deadline for applications is 30 September 2016 (inclusively).
Artak Azizyan, Head of Project Support and Planning at the EFSD, comments that, "The Resources Manager views the 'grant window' as an important catalyst for development. In this context, EFSD funds will allow financing initiatives to improve living standards in the Fund's member states by solving important social problems."
Moscow, 28 March 2016. On 25 March 2016, the Council of the Eurasian Fund for Stabilisation and Development (EFSD) approved a US $2 billion stabilization loan for the Republic of Belarus. The loan will be provided in seven tranches over the period of