ARMENIA JOINS AGREEMENT ON FOUNDATION OF EURASIAN DEVELOPMENT BANK

Noyan Tapan

Feb 3, 2009

YEREVAN, FEBRUARY 3, NOYAN TAPAN. By the February 3 decision of the
National Assembly of the RA, Armenia has joined the Agreement on the
Foundation of the Eurasian Development Bank signed between Russia and
Kazakhstan in Astana on January 12, 2006. The purpose of this bank
is to help with developing the market economies of the member states,
ensure their sustainable economic growth and extension of mutual trade
and economic relations. The authorized capital of the bank amounts to
1.5 billion dollars, of which Russia’s share makes 1 billion dollars,
that of Kazakhstan – 0.5 billion dollars. The agreement is open to
new participants: other countries and international organizations.

The RA minister of energy and natural resources Armen Movsisian said
that Armenia will have its share in the bank’s authorized capital,
with the aim of attracting considerable investments for financing a
number of programs in energy, chemical industry, infrastructures,
mining sector, light industry, transport and communication, and
agricultural produce processing sector.

From: Emil Lazarian | Ararat NewsPress