Council of EurAsEC Anti-Crisis Fund (ACF) authorizes disbursement of ourth tranche to Belarus and the concept of highway reconstruction in Kyrgyzstan

Almaty, 7 December 2012 — The Council of the EurAsEC Anti-Crisis Fund (ACF) has approved disbursement of the fourth tranche of the financial credit to Belarus in the amount of US$ 440 million. The above decision was made today at the 8th ACF Council meeting in Minsk on the basis of the report of the Ministry of Finance of Belarus on compliance with the requirements for this tranche, as well as with the guidelines of the Eurasian Development Bank (EDB) and the ACF Resources Manager.

The ACF Council also approved the report on the utilization by the Republic of Tajikistan of the ACF financial credit disbursed in the summer of 2010.

Furthermore, the ACF Council endorsed the concept of the investment project «Reconstruction of the Bishkek-Osh highway» and requested the ACF Resource Manager to start preparatory work on the project to enable funding from the ACF resources.

The meeting also examined matters of institutional development of the ACF and its current operations. In particular, the ACF Council approved the concept of the Fund’s Strategy for 2013—2017, took note of the progress report on the current operations program, approved the ACF Program of Operations for 2013, instructed the ACF Resources Manager to consider an issue of possible allocation of part of the ACF profits for grant financing of projects of social significance in low-income ACF member countries, adopted relevant decisions on external audit and on requirements to provide statistical information by the ACF member states.

Additional Information

Eurasian Development Bank 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. EDB’s charter capital exceeds US $1.5 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. Read more at https://www.eabr.org.

The EurAsEC Anti-Crisis Fund (ACF) amounting to US$8.513 billion was formed on 9 June 2009 by the governments of six countries: Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan. The objectives of the ACF are to assist the member countries in overcoming the consequences of global financial crisis, ensure their economic and financial stability, and foster integration processes in the region. The ACF member countries signed the Fund Management Agreement with Eurasian Development Bank giving it the role of the ACF Resources Manager.