The EDB transfers an EFSD financial credit to Tajikistan
Moscow, 2 November 2020. The Eurasian Development Bank (EDB), acting as the Resources Manager of the Eurasian Fund for Stabilization and Development (EFSD), transferred a US $50 million EFSD financial credit to Tajikistan.
The funds have been provided for up to twenty years with a grace period of up to ten years at a 1% fixed interest rate. In the first year of the credit, the interest rate will be 0.25% per annum.
The credit will be used to support Tajikistan’s budget amid the negative effects of the COVID-19 pandemic. In addition to the measures aimed at supporting the health care system and the population, the Tajik Government and National Bank’s programme to counter the impact of COVID-19 on the economy and the financial and social sectors, as outlined in the nation’s application for the financial credit, provides for the implementation of prudent macroeconomic policies, including reductions in non-priority budget spending in order to support education, health care and social protection in 2021, implementation of a balanced monetary policy to stimulate economic growth while constraining price growth to the target level, and ensuring stability in the financial sector.
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 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)