Tajik Government and EDB Signed Agreement on Bank’s Presence in Tajikistan

Today, Safarali Nadzhmiddinov, Minister of Finance of Tajikistan, and Igor Finogenov, Chairman of the EDB Executive Board, signed the Agreement on the Terms of the Bank’s Presence in Tajikistan.

When signing this Agreement, the parties were governed by the Agreement Establishing the EDB dated 12 January 2006, and took into account the need to create favourable conditions for the Bank’s operation in Tajikistan and securing its status, immunities and privileges.

The signed Agreement provides that the EDB is a subject of international law with international legal capacity, and enjoys the rights of a legal entity in Tajikistan. The Bank has a special legal status which grants it a number of preferences and privileges in Tajikistan, including immunity against any legal process or search, requisition, confiscation or expropriation of property; inviolability of premises and vehicles; exemption from taxes and customs duties; and stability provisions protecting it from losses or risks resulting from changes in laws or banking regulation in Tajikistan.

The Agreement will become effective after ratification by the Parliament of Tajikistan.

In June this year, the Republic of Tajikistan paid up its share of $500,000 in the charter capital of the EDB, thus completing the procedures required for joining the Bank, and became its fourth full member.

In early October Tajikistan appointed Safarali Nadzhmiddinov, Minister of Finance, its authorised representative in the EDB Council, and Abdugafor Rakhmonov, First Deputy Chairman of the State Committee on Investments and State Property Management, his deputy. In accordance with the EDB Charter, they became members of the Council after the Bank had been officially notified to that effect.