Armenia Becomes Third EDB Member

The Republic of Armenia paid in its share in the charter capital of the Eurasian Development Bank of $100,000, thus completing all the procedures required for becoming the third full member of the EDB.

In accordance with its foundation documents, the EDB is open to states and international organisations which can become members upon approval by the EDB Council and paying up their acquired shares.

In December 2008 the EDB Council considered respective applications by Tajikistan, Belarus and Armenia and approved these countries’ joining the Bank.

In February 2009 the Armenian Parliament ratified the Agreement Establishing the Eurasian Development Bank. The draft law on ratifying this Agreement was signed into law by the President of Armenia.

“Membership of the Bank will enable Armenia to stimulate the implementation of infrastructure projects in its territory”, said Sergei Ryabov, Deputy Chairman of the EDB Executive Board, “and participate in major EDB investment programmes that have an integrating effect, particularly, in the energy, mining and industrial production sectors”.

As the next important step of their co-operation, Armenia and the EDB will execute an agreement on the terms of the Bank’s presence in the Armenian territory.