Belarus Joined EDB

Moscow, 22 June 2010. The Republic of Belarus paid in its share of $15 million in the charter capital of the Eurasian Development Bank (EDB), thus completing the procedures required for joining the EDB, and became the fifth full member.

The other member states of the Bank are Russia, Kazakhstan, Armenia and Tajikistan.

In accordance with the Bank’s foundation documents, any country or international organisation can become a member following a decision of the Bank's Council and after having joined the Agreement Establishing the Eurasian Development Bank and paid ip its shares.

In 2008 the EDB Council considered the respective applications for membership from Belarus, Tajikistan and Armenia and approved them.

In February 2009 Belarus formally became party to the Agreement Establishing the EDB.

On 17 June in St. Petersburg, the Government of Belarus and the Bank signed the Agreement on the Terms of the Bank’s Presence in Belarus which determines the Bank’s status, immunities and privileges as an international financial organisation. This Agreement also enables the Bank to open a representative office in Minsk and actively embark on investment projects in the Belarus.

At present the Bank considers a number of sizable investment projects in Belarus which are in line with its mission and strategy. Particularly, a project to construct the Polotskaya Hydraulic Power Plant on the West Dvina for a total of $100 million was fully prepared and is awaiting approval.