EDB and World Bank strengthen cooperation in preparing investment projects
Moscow, 28 September 2012. Eurasian Development Bank (EDB) as the EurAsEC Anti-Crisis Fund (ACF) Resources Manager had a working meeting with the World Bank’s (WB) delegation to discuss the mechanism of operation of the trust fund.
The trust fund was established under the Agreement to Implement
The trust fund was established to speed up and improve the quality of the preparation of investment projects and to strengthen institutional potential by providing grants to low-income countries in Europe and Central Asia.
At the meeting EDB and the WB discussed the rules, procedures, criteria and timeframes for preparing applications for grants which will be financed by the ACF in Armenia, Kyrgyzstan and Tajikistan. Representatives of EDB’s representative offices in Yerevan and Bishkek took part in the meeting by means of a video conference.
Resolutions to award grants (usually twice a year) are taken by the Steering Committee comprising representatives of the Russian Ministry of Finance and the WB. EDB takes part in the work of the committee as an observer.
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.
The World Bank Group is not a bank in its common sense; it is made up of five unique development institutions owned by 187 member countries: (i) the International Bank for Reconstruction and Development (IBRD) and the (ii) International Development Association (IDA) — together widely known as The World Bank; (iii) the International Finance Corporation (IFC), (iv) Multilateral Investment Guarantee Agency (MIGA), and (v) the International Centre for the Settlement of Investment Disputes (ICSID). Each institution plays a different but collaborative role in advancing the vision of inclusive and sustainable growth in a globalised world. The IBRD aims to support growth in middle-income countries and reduce poverty in creditworthy poorer countries, while IDA focuses on the world’s poorest states. For more information please visit: https://worldbank.org/russia