Agreements are signed on projects of strategic importance to Kyrgyzstan
Moscow, 29 March 2019. The Ministry of Finance of the Kyrgyz Republic and the Eurasian Development Bank (EDB), as the Resources Manager of the Eurasian Fund for Stabilization and Development (EFSD), signed an agreement on the provision of an EFSD grant for the Caravan of Health Project and a supplementary agreement to the investment credit agreement to finance Toktogul HPP Rehabilitation (Phase 2).
The documents were signed by Baktygul Zheyenbayeva, Minister of Finance of the Kyrgyz Republic, and Andrey Shirokov, Executive Director of the EFSD.
The supplementary agreement to the investment credit agreement to finance Toktogul HPP Rehabilitation (Phase 2) between the Kyrgyz Republic and the EDB will allow using the funds that were initially extended for the replacement of Units 2 and 4 at Toktogul HPP (Phase 2) to replace the plant’s remaining Units 1 and 3 (Phase 3).
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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