EFSD continues institutional development cooperation with the European Stability Mechanism

06 April 2021

EFSD continues cooperation with the European Stabilization Mechanism (ESM) on institutional development

Moscow, 02.04.2021. The European Stability Mechanism held a seminar for the staff of the Eurasian Development Bank(EDB), the EFSD resource manager, on the specifics of applying IFRS 9 by international institutions providing sovereign stabilization financing on the example of the European Financial Stability Facility (EFSF). The seminar was conducting as a part of development of cooperation between the Regional Financing Arrangements.

At the seminar, ESM specialists shared the principles for accounting policy and the approach for estimating Expected Credit Losses.

The approaches applied by the ESM are relevant for the EFSD as an institution performing similar functions within the Global Financial Safety Net, aimed at assisting member-countries in maintaining macroeconomic stability and sustainability of economic growth.

«The seminar was the first bilateral project of ESM and the EFSD aimed at increasing institutional capacities and implemented in the development of the dialogue between regional financing arrangements. The EFSD team is grateful to colleagues from ESM for productive exchange of experiences, which is an important part of the work to strengthen the institutional capacity of RFAs » - noted Acting Managing Director of the EFSD Project Unit Mr Andrey Shirokov.

Additional Information:

The Eurasian Development Bank (EDB) is an international financial institution promoting integration and development in its member countries – Armenia, Belarus, Kazakhstan, the Kyrgyz Republic, Russia, and Tajikistan. The EDB's charter capital totals US $7 billion. The Bank was established in January 2006 by Russia and Kazakhstan and is headquartered in Almaty. Transport infrastructure, energy, chemical, mining, and mechanical engineering projects with a high integration effect account for the main part of the EDB’s portfolio.

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 EFSD assists its member states in overcoming the consequences of the global financial crisis, ensuring their economic and financial stability, and fostering 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.

The EDB Media Centre:

Alexander Savelyev +7 (985) 765 23 59 (Moscow)   

Azima Sapargaliyeva +7 (777) 750 00 08 (Almaty)

Sergey Gorbachev +7 (916) 727 22 00 (Moscow)