EDB Council Approved 2009 Results and 2010 Plans
The EDB Council met in Almaty today. The meeting was attended by Chairman Viktor Khristenko (Minister of Industry and Trade of Russia), Bolat Zhamishev (Minister of Finance of Kazakhstan), Aset Isekeshev (Vice Prime Minister – Minister of Industry and New Technology), Iosif Isayan (Deputy Minister of Energy and Mineral Resources of Armenia) and Safarali Nadzhmiddinov (Minister of Finance of Tajikistan).
The Council reviewed and approved the annual report of the Executive Board, 2009 annual balance sheet and profit and loss statement audited by Deloitte, and the Executive Board’s proposal to distribute the 2009 profit and create reserves.
“In the reporting year the Bank’s assets increased by nearly a quarter to $2.495 billion,” said Igor Finogenov, Chairman of the Executive Board, “and its capital increased from $1.531 to $1.634 billion. Like in previous years, the EDB had positive financial results in the end of 2009, with net profit totalling $39.8 million”.
The Council also heard the report of the Executive Board on project activity in 2009 by. In the reporting year the Bank’s investment portfolio increased by 10.45% to $1.3 billion. These projects have great potential for generating mutual trade flows for a total of $461.5 million per annum. In addition, the projects being implemented by the Bank annually secure 300 million dollars’ worth of investments by its member countries.
The Council reviewed the progress of implementation of the 2009 Programme of Bank’s Activity under the Conditions of Global Financial and Economic Crisis and approved amendments to its Development Strategy and Plan for 2008-2010 based on that Programme. According to Igor Finogenov, by the end of 2010 the Bank’s investment portfolio will total $2.1 billion.
Finally, the Council proceeded to appoint its new Chairman and the new Chairman of the Executive Board. Viktor Khristenko and Bolat Zhamishev were appointed Chairman and Deputy Chairman of the Council, respectively. Igor Finogenov was appointed Chairman of the Executive Board for another four-year term.