Armenian Parliament Approved Joining EDB

The accelerated ratification of the Agreement Establishing the Eurasian Development Bank by the Parliament of Armenia indicates the strong support for Armenia’s joining the EDB from the Armenian political circles. “The 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 initiatives, particularly, in the hydropower and industrial sectors”.

Now the draft law on ratification of the Agreement awaits signing by the President of Armenia, whereupon it will have the force of law, and Armenia will be able to complete the procedures required for becoming a full member of the Bank.

As you remember, on 11 December 2008 the EDB Council, having considered respective applications by the Republic of Tajikistan, the Republic of Belarus and the Republic of Armenia, approved the joining the Bank by these countries. In accordance with its foundation documents, the EDB is open to interested states and international organizations which can become members pursuant to resolution by the EDB Council adopted following ratification of the Agreement Establishing the Eurasian Development Bank and paying up the acquired EDB’s shares.

The next important phase of co-operation between Armenia and the EDB will be execution of an agreement on the EDB’s presence in the Armenian territory. At present, the Bank prepares to open its representative office in Yerevan and selects necessary personnel.