EFSD project block takes part in the annual meeting of the Asian Infrastructure Investment Bank
Luxembourg, 12-13 July 2019. A delegation from the Project Block of the Eurasian Fund for Stabilization and Development (EFSD) managed by the Eurasian Development Bank (EDB) took part in the Annual Meeting of the Asian Infrastructure Investment Bank (AIIB). The delegation made a presentation about the EFSD, its objectives and capabilities. In the sidelines of the event, it also had working meetings with representatives of multilateral financial institutions.
The theme of the AIIB Annual Meeting was “Cooperation and Connectivity.” The AIIB is a “young” financial institution that is deploying its operations in a proactive manner and getting embedded in the system of international development institutions. The meeting brought together representatives of multilateral financial institutions, academia, and not-for-profit organisations.
The EFSD managed by the EDB strives to establish efficient cooperation with development partners working in the countries of its operations. The AIIB and the EFSD are co-financing a project in Tajikistan – the first phase of the reconstruction of the Nurek hydropower plant. The financial institutions share the concept of connectivity and promote sustainable development.
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.
The Eurasian Development Bank, as the EFSD Resources Manager, and the Kyrgyz Republic signed an investment loan agreement to finance the reconstruction of the Bishkek–Osh road (Phase IV) on 20 March 2014. The project intends to enhance the throughput capacity and reduce the accident rate on a 67 km section of the Bishkek–Osh road corridor running from Madaniyat to Jalal-Abad. The investment loan totals US $60 million.
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)