ARMENIA ENTERING INTO EURASIAN DEVELOPMENT BANK

Interfax News Agency
July 31 2008
Russia

The Armenian government made an official decision to join the Eurasian
Development Bank (EDB) on Thursday.

The government will assign $100,000 from its reserve fund to the
bank’s charter capital, Energy and Natural Resources Minister Armen
Movsisian said.

Armenia wants to borrow bank money for the development of national
infrastructure, energy, chemical, mining, light and food industries,
communications, transport and agriculture.

Earlier reports said that the accession would be complete this year.

The EDB said that Tajikistan and Belarus might join together with
Armenia in 2008.

The EDB is an international fiscal organization established by
Russia and Kazakhstan in January 2006 to promote sustainable
economic development of member countries, to broaden trade and
economic cooperation and to promote direct investments, including
public-private partnerships. The bank’s charter capital stands at
$1.5 billion, including $1 billion contributed by Russia and $500
million contributed by Kazakhstan.

The bank’s focus is the funding of investment projects in member
states.