In compliance with the statutory documents, the following Bodies are involved in EFSD opertations: the EFSD Council, the EFSD Council of Experts, the Eurasian Development Bank.
The Council of the Fund is the top governing body, taking the key decisions on the Fund’s operations. The Council members are the Ministers of Finance of member states.
The Council's decisions are drafted by the Council of Experts, where member states are represented by department directors of their Ministries of Finance.
Within the EDB there exists a dedicated Project Block, which prepares and implements EFSD’s projects and programmes in close coordination with other EDB departments.
Council of the Fund
The Council of the Fund acts on behalf of member states and makes all key decisions on Fund’s operations including the decisions on the mobilization of funds, investing temporarily free funds of the EFSD and extending EFSD loans.
As of today, the members of the Council are:
Chairman of the Fund Council, Finance Minister of the Russian Federation
Minister of Finance of the Republic of Kazakhstan
Minister of Finance of the Kyrgyz Republic
Minister of Finance of the Republic of Tajikistan
Minister of Finance of the Republic of Armenia
Minister of Finance of the Republic of Belarus
Council of Experts
The Council of Experts of the Fund carries out the preliminary expertise of all the issues submitted for the consideration of the Fund’s Council. It also prepares the Expert Evaluations of all loan requests, formulates recommendations and drafts decisions for the EFSD Council.
As of today, the members of the Council of Experts are:
The Chairman of the Council of Experts, Director of the Department of International Financial Relations, Ministry of Finance of the Russian Federation
Assistant to the Minister of Finance of the Republic of Armenia
Director of the Department of international financial relations, Ministry of Finance of the Republic of Kazakhstan
Deputy Head of the Budget Directorate, Ministry of Finance of the Republic of Tajikistan
Head of the Directorate for International Financial Relations, Ministry of Finance of the Republic of Belarus
Director of the Department of International cooperation, Ministry of Finance of the Kyrgyz Republic.
Resources Manager (EDB)
In accordance with the Agreement on the Management of Fund Resources, the Eurasian Development Bank is vested with the functions of the EFSD Resources’ Manager, including the administration of all the resources of the Fund.
As part of the administration of the Fund’s resources, based on the Fund Council’s decisions and consistent with the Fund’s documents, the Bank:
- Performs operations with the accounts of the Fund;
- Presents bills issued by the Member States for payment;
- Concludes Agreements on the provision of Fund resources and disburses Fund’s resources in accordance with the terms of such agreements;
- Invests temporarily idle resources of the Fund;
- Prepares annual Program of activities, administrative budget, annual and financial reports;
- Considers applications for the provision of financing from the Fund’s resources, prepares appropriate appraisals drafts Agreements on the provision of Fund’s resources;
- Keeps records of the debts of the recipients of the Fund;s resources; monitors and assesses the fulfillment of obligations under Aagreements on the provision of Fund’s resources;
- Cooperates with Member States, the Council of Experts, and the recipients of the Fund resources; and
- Performs other necessary actions.
In order to control the accounting and the reliability of financial statements of the Bank with regard to its activities as the EFSD Resources’ Manager, the Bank organizes an annual independent external audit.
While performing its functions as the EFSD Resources’ Manager, the Bank is guided solely by the interests of the Member States of the Fund and the goals of its creation. The EFSD Department was established within the Bank to manage the Fund’s resources. In close cooperation with other departments of the Bank, Member States and other international development institutes, this Department is responsible for the preparation and implementation of all EFSD projects.