A joint review of the EFSD portfolio in the Kyrgyz Republic takes place
Moscow, 22 December 2020. A joint review of the project portfolio financed by the Eurasian Development Bank (EDB) from the Eurasian Fund for Stabilization and Development (EFSD) in the Kyrgyz Republic took place to ensure effective implementation and high quality of the projects.
The participants in the review included top officials from the Ministry of Finance and representatives of other key ministries and agencies of the Kyrgyz Republic, as well as representatives of the EFSD Project Unit led by Andrei Shirokov, Executive Director of the Fund.
Reports on performance in 2020 were presented and the participants discussed prospective projects and factors affecting the implementation of the current portfolio.
Following the review, the sides agreed to start updating a joint action plan for 2021, taking into account the need to respond to the COVID-19 pandemic.
They also discussed the draft concept entitled Medium-term Priorities for the EFSD in the Kyrgyz Republic in 2021-2023, which includes a pilot roadmap for the implementation of the Fund’s key activities and projects.
The 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. The 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.
The Eurasian Fund for Stabilization and Development (EFSD) amounting to US$8.513 billion was formed on 9 June 2009 by the governments of the same 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 in the region. The EFSD member countries signed the Fund Management Agreement with Eurasian Development Bank giving it the role of the EFSD Resources Manager.
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