EDB delegation in Yerevan discussed projects of the EurAsEC Anti-Crisis Fund in Armenia
Almaty, 4 September 2013. Eurasian Development Bank (EDB) delegation headed by Sergei Shatalov, Deputy Chairman of the Management Board , visited Yerevan on September 3-4, 2013. Key issues under consideration were related to activities of the EurAsEC Anti-Crisis Fund (ACF) in Armenia. EDB manages the resources of ACF.
EDB delegation met Gagik Beglaryan, Minister of Transport and Communications of the Republic of Armenia. During the meeting the schedule for preparation of the North-South Road Construction Project (Phase 4) was agreed. The project is scheduled for consideration by the ACF Council in June 2014. This project in the amount of US $100 million is prepared in cooperation with Asian Development Bank. On 4th September EDB’s experts visited the project`s construction site.
EDB delegation also held consultations with Jean-Michel Happi, the World Bank Country Manager for the Republic of Armenia. The meeting focused on issues of joint project preparation and implementation, and a donor conference in Armenia in which EDB plans to take an active part. In particular, the meeting considered cooperation between the two development institutions on the ACF project “Modernization of irrigation systems and the development of institutional capacity” (phase 3) of US $50 million being prepared in partnership with the World Bank.
A meeting with Teresa Daban Sanchez, who was recently appointed IMF Resident Representative in Armenia, also took place. During the meeting, issues related to the assessment of the current macroeconomic situation and prospects of the country and issues of coordination of activities of the two institutes were discussed.
Eurasian Development Bank 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 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 about EDB 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. ACF’s objectives are to assist its member countries in overcoming the consequences of global financial crisis, to ensure their economic and financial stability, and to foster integration in the region. The ACF member countries signed the Management Agreement with Eurasian Development Bank, giving it the role of the ACF Resources Manager. Read more about ACF at http://efsd.eabr.org/
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