EDB and World Bank strengthen cooperation on preparation of investment projects
Moscow, 11 July , 2013 — The Eurasian Development Bank (EDB), Resources Manager of the EurAsEC Anti-Crisis Fund (ACF), held a working meeting with a delegation of the World Bank to discuss trust fund operational mechanisms.
At the meeting the EDB and WB experts clarified the rules, procedures, criteria, and timing that constitute the framework for the preparation of grant requests for projects to be funded by ACF in Armenia, Kyrgyz Republic and Tajikistan
Today the representatives of the Ministry of Finance of Russia, the World Bank, the EDB as an observer, held Steering Committee meeting, that decisions about the allocation of grants for the third round were made.
Eurasian Development Bank is an international financial institution founded by Kazakhstan and Russia in January 2006 with the mission to facilitate the development of market economies, sustainable economic growth and the expansion of trade and economic ties between its member states. EDB’s charter capital exceeds US $1.5 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. Read more at http://www.eabr.org/.
The EurAsEC Anti-Crisis Fund (ACF) amounting to US $8.513 billion was formed on 9 June 2009 by the governments of the same six countries. The objectives of the ACF are to assist its member countries in overcoming the consequences of the global financial crisis, ensure their economic and financial stability, and to foster integration processes in the region. The ACF member countries signed the Management Agreement with Eurasian Development Bank giving EDB the role of the ACF Resources Manager. Read more at http://efsd.eabr.org/.
The World Bank Group is not a bank in its common sense; it is made up of five unique development institutions owned by 187 member countries: (I) the International Bank for Reconstruction and Development (IBRD) and the (ii) International Development Association (IDA) — together widely known as The World Bank; (iii) the International Finance Corporation (IFC), (iv) Multilateral Investment Guarantee Agency (MIGA), and (v) the International Centre for the Settlement of Investment Disputes (ICSID). Each institution plays a different but collaborative role in advancing the vision of inclusive and sustainable growth in a globalized world. The IBRD aims to support growth in middle-income countries and reduce poverty in creditworthy poorer countries, while IDA focuses on the world’s poorest states. For more information please visit: http://worldbank.org/
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