EFSD executive director takes part in the launch of the Nurek HPP rehabilitation project
Moscow, 21 March 2019. The Eurasian Development Bank (EDB), as the Resources Manager of the Eurasian Fund for Stabilization and Development (EFSD), took part in the official launch of the Nurek HPP Rehabilitation project. President of Tajikistan Emomali Rahmon attended the ceremony.
The event took place on 20 March in the town of Nurek as part of Navruz celebrations. The programme included the presentation of the Nurek HPP Rehabilitation Project, a visit to the plant, and the opening of a monument to commemorate the beginning of reconstruction.
The ceremony brought together representatives of the international donor community and financial institutions, as well as the diplomatic corps. The EFSD was represented by Andrey Shirokov, Executive Director.
Andrey Shirokov also had bilateral meetings with representatives of other international financial institutions.
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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