EFSD financial credit support to the Government and National Bank of Tajikistan’s reform programme is completed
Moscow, 17 January 2019. The Eurasian Fund for Stabilization and Development’s (EFSD, Fund) Council decided to complete support to the reform programme of the Government and National Bank of Tajikistan with the financial credit from the EFSD as its availability period has expired. Out of the total of US $40 million envisioned for the programme, the country has disbursed one tranche of US $20 million. The EFSD Council also recommended the Tajik side to speed up the preparation and submission to the Eurasian Development Bank (EDB), as the EFSD Resources Manager, of final reports under the credit agreement.
On 8 December 2015, the EFSD Council extended the second financial credit of US $40 million to Tajikistan to support its economic reforms in 2016-2017. The respective agreement was signed in Moscow between the Government of Tajikistan and the Eurasian Development Bank as the Fund's Resources Manager on 15 August 2016. Tajikistan was extended the first tranche of the credit totalling US $20 million on 25 August 2016.
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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