EDB Council resolves to increase the Bank’s charter capital to US $7 billion

Moscow, 3 July 2014. The Council of Eurasian Development Bank (EDB) met in Moscow today. Its participants were Gagik Khachatryan, Minister of Finance, from the Republic of Armenia; Bakhyt Sultanov, Deputy Prime Minister and Minister of Finance, from the Republic of Kazakhstan; Olga Lavrova, Minister of Finance, from the Kyrgyz Republic; Anton Siluanov (Chairman of the Council), Minister of Finance, and Dmitry Pankin, Deputy Minister of Finance, from the Russian Federation; and Abdusalom Kurbonov, Minister of Finance, from the Republic of Tajikistan.

The Council decided to increase the Bank’s charter capital to US $7 billion, by means of issuing additional stock payable on demand. The subscribers are EDB member states.

The ministers approved the new version of the EDB Strategy for 2013-2017, including the updated section on the macroeconomic situation in EDB member states. The main indicator of EDB performance will be the current investment portfolio, which is expected to reach at least US $4.7 billion by the end of 2017, as a result of the launching of new projects in 2013-2017 to the tune of at least US $3.7 billion.

With respect to project activities, the Council approved the possibility to involve a third lender to finance the construction of Unit 3 at Ekibastuz GRES 2. The Council also discussed changes in the financing terms of the investment project to construct the railcar building plant in Tikhvin, Leningrad Region.

In addition, the Council approved the Management Board’s Annual Report for 2013, the Statement of Comprehensive Income, and the Statement of Financial Position of the Bank, with KPMG Audit’s report, as well as the Auditing Commission’s statement on the Management Board’s Annual Report and EDB’s financial statements for 2013.

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.