ARMENIA BECOMES THIRD EDB MEMBER – BANK’S STATEMENT

Kazakhstan General Newswire
April 6, 2009 Monday 12:41 PM MSK

Armenia became a full member of Eurasian Development Bank (EDB).

"Republic of Armenia has paid its share in the charter capital of
the EDB by transferring $100,000 to the bank’s account.

Therefore, Armenia has completed all necessary procedures and is now
a third full member of the bank," the bank said in a statement.

In December 2008 the Council of the Eurasian Development Bank (EDB)

considered applications by Tajikistan, Belarus and Armenia and
approved the entrance of these three countries to the Bank, as well
as conditions of their membership in the bank in accordance with the
aforesaid applications.

"The membership in the Bank will enable Armenia to stimulate
the implementation of infrastructure projects in its territory",
said Sergei Ryabov, Deputy Chairman of the EDB Executive Board,
"and participate in major EDB investment initiatives, particularly,
in the hydropower and industrial sectors".

In early February, Armenian parliament ratified the Agreement
Establishing the Eurasian Development Bank. The draft law on
ratification of the Agreement was signed by the President of Armenia,
and now has the force of law.

The next important phase of co-operation between Armenia and the EDB
will be execution of an agreement on the EDB’s presence in the Armenian
territory. At present, the Bank prepares to open its representative
office in Yerevan and selects necessary personnel.

The Eurasian Development Bank (EDB) is an international financial
institution founded in order to foster economic growth and integration
processes in the Eurasian region.

The Bank was founded by intergovernmental agreement that was signed
in January 2006 by the Presidents of the Russian Federation and the
Republic of Kazakhstan. The initiative for establishing the Bank came
from the two Presidents.

The Bank’s charter capital is $1US.5 billion. At present, the
EDB’s charter capital is fully paid in by its founders, the Russian
Federation ($1 billion) and the Republic of Kazakhstan ($500 million).