The EFSD Project Unit visits the Kyrgyz Republic with a monitoring mission
Moscow, 25 November 2019. The Project Union of the Eurasian Fund for Stabilization and Development (EFSD) managed by the Eurasian Development Bank (EDB) visited the Kyrgyz Republic with a mission to monitor the Financing Agricultural Machinery Supplies project. On 20 November 2019, a working meeting took place in Aiyl Bank, bringing together representatives of the EFSD, the Ministry of Finance, the Ministry of Agriculture, Food Industry and Melioration, and Aiyl Bank.
The participants discussed the results of the monitoring mission, project implementation issues, further interaction, and project activities scheduled for 2020. They also discussed cooperation between the EFSD and the Kyrgyz Republic in the agricultural sector and outlined priority directions for new projects.
A US $20 million facility was opened under the EFSD investment credit agreement signed by the Kyrgyz Republic and the EDB on 20 November 2014 in respect of the Financing Agricultural Machinery Supplies project. The project has been implemented successfully – over the project period, Aiyl Bank extended US $14.5 million to finance the lease of more than 800 items of agricultural machinery.
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.