ARMENIA PRESENTS SINGLE PACKAGE OF CREDITS TO $500 MLN TO EURASIAN DEVELOPMENT BANK

ArmInfo
2009-12-14 13:09:00

ArmInfo. Armenia has presented a single package of 8 credit programmes
to Eurasian Development Bank to the sum of about $500 mln, Prime
Minister of Armenia Tigran Sarkisyan said after completion of the
25th session of EurAsEC Interstate Council at the level of heads
of governments.

According to him, the matter concerns big credit programmes, as well
as medium and small projects. In particular, these are infrastructure
credit programmes and projects in such areas as energy and chemistry.

"These infrastructure programmes contain cooperation and integration
tendencies", Armenian PM emphasized and added that some of 8 projects,
prepared by Armenia, are at such a stage when one may expect receipt
of funds from both the anti-crisis programme and the credit funds
of Eurasian Development Bank. According to T. Sarkisyan, specific
agreements regarding the work of the Anti-crisis Fund were reached
during the session in Saint Petersburg. In particular, accounts will
be opened in the Central Bank of Russia, to which the member- states
will have to transfer their portion of funds to the Fund. "All the
investment programmes of the Anti-crisis Fund, the projects related to
the balance of payments, or the programmes of state assistance will
be carried out through the Eurasian Development Bank to become the
operator of EurAsEC Anti-crisis Fund", T. Sarkisyan emphasized. He
also said that Chairman of EADB Board Igor Finogenov will shortly
visit Armenia for detailed discussion of the programmes being carried
out through EADB.

To recall, on February 3, 2009, Parliament of Armenia ratified the
agreement On Creation of Eurasian Development Bankk, the founders of
which are Russia and Kazakhstan. Armenia’s participatory interest in
the bank at the first stage will make up $100,000, which have been
allocated from the government’s reserve fund. The amount invested will
allow the Armenian party to take full part in the bank management,
as well as receive a share, adequate to its participation, during
distribution of profit.

To note, heads of governments of EurAsEC member-states signed a
package of documents on creation of an Anti-crisis Fund on June 9
in Moscow. The Fund has been created with an authorized capital of
$10 bln with Russia’s share of $7.5 bln as a major part. Initial
contributions of other founder-countries are: Belarus – $10 mln,
Kazakhstan – $1 bln, Kyrgyzstan – $1 mln, Tajikistan – $1 mln, Armenia
– $1 mln. Eurasian Development Bank will carry out management of
funds of the Anti-Crisis Fund.