Agreement on EDB’s Presence in Tajikistan Came into Effect

The Eurasian Development Bank received an official notice of the Foreign Ministry of Tajikistan that the Tajik party had finalised internal procedures required for giving effect to the agreement on the EDB’s presence in that country.

In accordance with the agreement, the Bank as an international organisation and subject of international law having international legal capacity will enjoy the rights of a legal entity in Tajikistan. The Bank has a special legal status which grants it a number of preferences and privileges including immunity against any legal process or search, requisition, confiscation or expropriation of property, exemption from taxes and customs duties, and stability provisions protecting it from losses or risks resulting from changes in laws or banking regulation in Tajikistan.

Tajikistan paid in its share in the EDB’s charter capital of $500,000 in June 2009. In October Dushanbe officially notified the EDB on appointing Safarali Nadzhmiddinov, Minister of Finance, its authorised representative in the Bank’s Council, and Abdugafor Rakhmonov, First Deputy Chairman of the State Committee on Investments and State Property Management, his deputy. In accordance with the EDB’s Charter they became members of the Bank’s Council.