EDB delegation in Yerevan discussed projects of the EurAsEC Anti-Crisis Fund in Armenia
Almaty, 4 September 2013. Eurasian Development Bank`s (EDB) delegation, headed by the Deputy Chairman of the Board Sergei Shatalov, visited Yerevan on September 3, 2013. During the visit issues on the EurAsEC Anti-Crisis Fund (ACF), which resources EDB manages, were generally considered.
A meeting with the Minister of Transport and Communications of the Republic of Armenia Gagik Beglaryan was held. During the meeting the schedule for preparation of the North-South Road Construction Project (Phase 4) was agreed to be considered by the ACF Council for final approval (approximately June 2014).
In addition, consultations with the World Bank Country Manager for the Republic of Armenia, Jean-Michel Happi, were held. The meeting touched upon issues of joint project preparation and implementation, and a donor conference in Armenia where the EDB plans to take an active part. In particular, the meeting touched upon the cooperation between the two development institutions in regard of an ACF project "Modernization of irrigation systems and the development of institutional capacity" (phase 3) of $50 million being prepared in partnership with the World Bank.
A meeting with Teresa Daban-Sanchez, Director of the IMF in Armenia, also took place. During the meeting the latest issues related to the assessment of the macroeconomic situation in Armenia were discussed.
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.
The EurAsEC Anti-Crisis Fund (ACF) amounting to US $8.513 billion was formed on 9 June 2009 by the governments of the same six countries. ACF’s objectives are to assist the member countries in overcoming the consequences of global financial crisis, to ensure their economic and financial stability, and to foster integration in the region. The ACF member countries signed the Management Agreement with Eurasian Development Bank, giving it the role of the ACF Resources Manager.