EDB Council Approved Entrance of Three New Members

Moscow, 11 December 2008. The Council of the Eurasian Development Bank considered applications by Tajikistan, Belarus and Armenia and approved the entrance of these three countries to the Bank.

In accordance with its foundation documents, the EDB is open to interested countries and international organizations, which can become members after joining the Agreement Establishing the Eurasian Development Bank and paying up shares in the Bank being purchased by them.

As a rule, the EDB focuses on investment projects in its member countries, and therefore the joining of new members is a matter of practical importance. Participation in the EDB charter capital enables new members to launch various infrastructure projects in their territory and participate in global EDB investment initiatives in water power, production, and extractive industries.

Igor Finogenov, Chairman of the EDB Executive Board, stressed that new admissions are very important to the Bank, as “these will allow the geography of the EDB investment projects to be expanded, which is in line with the EDB’s strategic tasks and mission”.

In accordance with the admission procedure, the Council approved the increasing of the charter capital of the EDB by additional issuance of shares, which will be allocated to new members pro rata their contributions. At present, the EDB’s charter capital is fully paid in by its founders, the Russian Federation and the Republic of Kazakhstan, and totals $1.5 billion. As a result of the additional issuance, it will be increased by $15.6 million to be contributed by Tajikistan, Belarus and Armenia.

The Council also instructed the management of the Bank to execute agreements on the Bank’s presence in the territory of the new members.