The EFSD is managed by the EFSD Сouncil supported by the Expert Council and the Eurasian Development Bank, acting in its capacity of the EFSD Resources Manager and the EFSD Secretariat.
The Council of the Fund is the top governing body, taking the key decisions on the Fund’s operations. The EFSD Council is the principle decision-making body. The EFSD Council members are the Ministers of Finance of member states.
The EFSD Council's decisions are drafted by Expert Council, where member states are represented by department directors of their Ministries of Finance. The Expert Council members are the Ministries of Finance department directors of member states.
Within the EDB there exists a dedicated , which prepares and implements EFSD’s projects and programmes in close coordination with other EDB departments. The EFSD Project Unit prepares and implements EFSD’s projects in close coordination with the EDB departments, member states and other international financial institutions as well as acting as the Fund Secretariat.
The EFSD counsil
The EFSD council acts on behalf of member states and makes all key decisions on the Fund’s operations including decisions on funds mobilization, investing temporarily idle funds of the EFSD, the use of the funds and any other issues related to the Fund.
As of today, the members of the EFSD Council are:
First Deputy Prime Minister of the Russian Federation – Minister of Finance 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.
The EFSD resourses manager and secritariat
In accordance with the Agreement on the Management of Fund Resources, the Eurasian Development Bank (EDB, The Bank) is vested with the functions of the EFSD Resources’ Manager, including the administration of all the resources of the Fund, and the EFSD Secretariat.
As part of the administration of the Fund’s resources management, based on the Fund Council’s decisions and consistent with the Fund’s documents, the Bank:
- Performs performs operations with the accounts of the Fund;
- Presents presents bills issued by the Member member States 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;
- performs other necessary actions.
- Prepares As part of the Fund’s resources administration, the Bank:
- prepares annual Programme of activities, administrative budget, annual and financial reports;
- Considers 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 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 cooperates with Member member Statesstates, the Expert Council of Experts, and the recipients of the Fund resources; and
- Performs 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 member States states of the Fund and the goals of its creationfoundation. In order to manage the Fund’s resources and to fulfil the EFSD Secretariat functions, Tthe EFSD Department Project Unit was established within the Bank to manage the Fund’s resources. In close cooperation with other departments of the Bank, Member member States states and other international development institutes, this the Department Unit is responsible for the preparation and implementation of all EFSD projects.
According to the and the , acting Aas the EFSD Secretariat, the Bank assists the interaction of the Bank's departments and governing bodies regarding preparing and holding meetings of the EFSD Expert Council and the EFSD Council, preparing meeting materials, as well as performing other functions.