Minister of Economic Development and Investments of the Republic of Armenia holds a meeting with Chairman of EDB Management Board
Yerevan, 7 July 2017. Suren Karayan, Minister of Economic Development and Investments of the Republic of Armenia, met with Dmitry Pankin, Chairman of the Management Board of Eurasian Development Bank (EDB). The meeting was held on 7 July 2017, in Yerevan.
During the meeting, the parties discussed expansion of bilateral cooperation. The Minister specifically stressed the importance of EDB’s participation in private sector projects. He reminded that some programmes are already under implementation in several areas. The programmes implemented in the agricultural and energy sectors, for which preparatory work is close to completion, were also discussed. Another focus was the issue of availability of programmes to offer small investment loans. Dmitry Pankin noted that EDB actively cooperates with Armenia’s commercial banks in this area.
During the meeting, an agreement on continued active cooperation was reached.
By 7 July 2017, EDB, in its capacity of the EFSD Resources Manager, had provided to Armenia US $490 million. The following agreements are signed and effective:
- on providing a financial credit of US $300 million to Armenia for the purposes of budget support;
- on financing the construction of the North-South Road Corridor (Phase IV) amounting to US $150 million;
- on financing the “Irrigation System Modernization Project” in Armenia amounting to US $40 million.
The EFSD Council has approved its support to the project “Construction of Mastara Reservoir”, which involves investments amounting to US $40 million.
In July 2017, EDB also provided a US $20 million credit line to Ardshinbank for trade finance.
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. 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 Stabilisation 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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On approving an investment loan to finance the project “Construction of Mastara Reservoir”
On EDB-Armenia Loan Agreement for the project “Construction of the North-South Road Corridor” coming into force
On providing an investment loan to finance the “Irrigation System Modernization Project”
On providing a revolving credit line to Ardshinbank
On providing a financial credit to Armenia financed with the EFSD funds