The EFSD resourses Manager and Secretariat
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 Fund’s resources management, 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 Programme 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 Agreements on the provision of Fund’s resources;
- cooperates with member states, the Expert Council, 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 foundation. In order to manage the Fund’s resources and to fulfil the EFSD Secretariat functions, the EFSD Project Unit was established within the Bank. In close cooperation with other departments of the Bank, member states and other international development institutes, the Unit is responsible for the preparation and implementation of all EFSD projects.
As the EFSD Secretariat the Bank assists the interaction of the Bank's departments and governing bodies regarding preparing and holding meetings of the Expert Council and the EFSD Council, preparing meeting materials, as well as performing other functions.