The EFSD’s delegation meets with Armenia’s Minister of Territorial Administration and Infrastructure
Moscow, 4 July 2019. Suren Papikyan, Minister of Territorial Administration and Infrastructures, met with the Project Block’s delegation of the Eurasian Fund for Stabilization and Development (EFSD, Fund) managed by the Eurasian Development Bank (EDB) to discuss the construction of the North–South road corridor.
Suren Papikyan praised the Fund’s work in Armenia and emphasised that the construction of the Kajaran–Agarak section under Tranche 4 created significant opportunities for deepening and enhancing cooperation.
Andrey Glavatskikh, Head of the EFSD Project Block’s Transport and Communications division, thanked the minister for a warm welcome and said that the Fund had built a solid partnership with Armenia and intended to continue its cooperation with the Ministry of Territorial Administration and Infrastructure.
The sides also discussed the Ministry’s intention to divide construction into several lots so as to involve local contractors into the bidding procedure. They also exchanged opinions about other investment projects financed by the EFSD in the power and infrastructure sectors.
Additional Information:
The 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. The 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.
The Eurasian Fund for Stabilization 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.
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