EDB Council approves the Bank's performance in 2011 and plans for 2012
Astana, 23 May 2012. A regular session of Eurasian Development Bank’s (EDB) Council was held yesterday in Astana. The meeting was attended by Vache Gabrielyan, Minister of Finance, from Armenia; Nikolai Snopkov, Minister of Economy, from Belarus; Bolat Zhamishev, Minister of Finance, from Kazakhstan; Akylbek Zhaparov, Minister of Finance, from Kyrgyzstan; Sergey Storchak, Deputy Minister of Finance, from Russia (Chairman of the Council); and Shukhratjon Rakhmatboyev, First Deputy Chairman of the State Committee for Investments and State Property Management, from Tajikistan.
The Council has listened to and approved the Annual Report of the Bank’s Managing Board and the Bank’s statements of financial position (balance sheet) and comprehensive income (income statement), including the auditor’s report for 2011. It has also approved the proposal by the Managing Board to distribute the Bank’s income for 2011 and form a reserve fund.
«The Bank’s efficiency is proved by its stable positive dynamics,» Igor Finogenov, Chairman of the EDB Managing Board, said. «In 2011 EDB’s assets exceeded US $2.8 billion, an increase of 11%. Loans to customers grew by almost 64% to US $1.34 billion. Net income increased by more than 50% to almost US $24.5 million.»
The Bank’s Council has also reviewed the Managing Board’s report on project activities in 2011.
In 2011 EDB’s investment portfolio grew from US $2.6 billion to US $3.4 billion (32.7%). At the year-end the Bank’s projects had potential to generate mutual trade flows worth US $1.1 billion a year. The increase in mutual investments between the EDB member states backed by its projects exceeded US $1.1 billion.
The Council has also reviewed and approved the Bank’s investment projects that fall within its competence.
The Council approved the appointment of KPMG Audit as the Bank’s external auditor for the period from 2013 to 2015.
The next session of the Council should be held in November in Minsk.
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.