EDB Council defines key areas of the Bank’s future activities and approves the Bank's financial statements for 2016
Astana, 28 June 2017. Bank (EDB) was held on 26 June 2017, in Astana. The range of its participants included: from the Republic of Armenia – Minister of Economic Development and Investments Suren Karayan; from the Republic of Belarus – Minister of Finance Vladimir Amarin; from the Republic of Kazakhstan – Prime Minister of the Republic of Kazakhstan (Chairman of the Council) Bakytzhan Sagintayev and Minister of Finance Bahyt Sultanov; from the Kyrgyz Republic — Minister of Finance Adylbek Kasymaliev; from the Russian Federation — Minister of Finance Anton Siluanov and Deputy Minister of Finance (Chairman of the Strategy Committee of the Bank’s Council) Sergey Storchak; from the Republic of Tajikistan — Minister of Finance Abdusalom Kurbonien.
The Bank’s Council approved the Annual Report of the Management Board and the Bank’s Financial Statement for 2016. The Management Board received instructions on further development of the Bank’s operations. In particular, it was proposed to strengthen the focus on integration projects.
The Bank’s Council also signed off the 2016 reports of the Audit Committee and the Internal Audit.
In addition, the Council approved EDB’s engagement in the Investment Project “Construction and Toll Operation of the Central Ring Road of Moscow Oblast, start-up complex (construction stage) No. 3”
The EDB Council also discussed the current situation with the Project “Osipovichi Freight Car Building Pant”.
Additional Information:
On the Project “Construction and Toll Operation of the Central Ring Road of Moscow Oblast, start-up complex (construction stage) No. 3”
The project involves the construction of a 4-lane toll express way to enable automobile passenger and freight transportation in the directions of their highest concentration and connection of the transportation facilities to the national highway network. The Project is part of the Transport Strategy of the Russian Federation until 2030, the Federal Targeted Programme of Russia’s Transport System Development (2010-2020). It is implemented as a public-private partnership in the form of a 30-year concession.
The Project is related to the transport infrastructure sector, which is a priority of EDB’s investment activity defined in the Bank’s key objectives and areas of activity, as well as in its Strategy for 2013-2017 approved by the EDB Council.
On events involving Osipovichi Freight Car Building Plant. In April 2011, EDB signed a US $63.519 million loan agreement with Osipovichi Freight Car Building Plant for 8 years under the Project “Organisation of Modern High-Tech Manufacturing of Freight Cars and Tank Containers in the town of Osipovichi”. However, since August 2015, the borrower has delayed several principal and interest payments due under the loan agreement.
To protect its rights and the interests of its shareholders, EDB had to appeal to court with a relevant statement of claim. As a result of the statement of claim consideration in December 2016, the Commercial Court of Moscow fully satisfied EDB’s claim for collection of the past due debt totalling over US $2.5 million.
Additional Information about EDB:
Eurasian Development Bank (EDB) 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 totals US $7 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.
Additional Information about the EFSD:
The Eurasian Fund for Stabilisation and Development (EFSD) amounting to US $8.513 billion was formed on 9 June 2009 by the governments of the same six countries. The objectives of the EFSD are to assist its member countries in overcoming the consequences of the global financial crisis, ensure their economic and financial stability, and foster integration in the region. The EFSD member countries signed the Fund Management Agreement with Eurasian Development Bank giving it the role of the EFSD Resources Manager.
EDB Media Center:
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e-mail: pressa@eabr.org
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