Moscow, 29 August 2011. On 26 August 2011, the Kyrgyz Republic paid its share of US $100,000 in the charter capital of the Eurasian Development Bank (EDB). So, the country has completed the necessary procedures for joining the EDB and became its sixth plenipotentiary member.
Other member states of the Bank are the Russian Federation, the Republic of Kazakhstan, the Republic of Belarus, the Republic of Tajikistan, and the Republic of Armenia.
In accordance with its foundation documents, the EDB is open for membership to states and international institutions. They can join the Bank pursuant to a resolution of the Bank’s Council and after they join the Agreement Establishing the EDB and pay their share.
In October 2010, Kyrgyzstan officially joined the Agreement Establishing the EDB.
In June 2011, the EDB Council considered the country’s application and unanimously approved its joining the Bank.
“The Kyrgyz Republic’s joining the EDB will have a significant economic effect for this country. With access to the EDB’s resources and project experience in other member states, Kyrgyzstan can launch large investment projects aimed at improving its economic sustainability and diversification,” said Igor Finogenov, Chairman of the EDB Executive Board. “The EDB is now considering its participation in a number of projects that are important to the country, are aimed at sustainable development of its economy, and have a significant effect for the advancement of economic integration between the Bank’s member states.”
Now, the EDB and Kyrgyzstan need to sign an agreement on the Bank’s presence in the country, which will set forth the Bank’s immunities and privileges as an international financial institution. The agreement will allow the Bank to open its representative office in Bishkek and begin proactive work on investment projects in the country.
