EURASIAN DEVELOPMENT BANK TO OPEN REPRESENTATION IN ARMENIA

PanARMENIAN.Net
11.03.2010 18:06 GMT+04:00

/PanARMENIAN.Net/ At March 11governmental sitting, terms for
establishment of Eurasian Development Bank representation in Armenia
were set down.

In 2008, Armenia applied for EDB participation, with bank council
confirming Armenia’s membership in December 2008. The agreement on
Armenia’s membership was ratified by RA National Assembly on February
3, 2009.

As CBA President Artur Javadyan stated, EDB office in Armenia will
be offering a full range of financial services, as well as those of
attracting investments from legal persons.

CBA President suggested introducing a point stipulating that EDB
banking activities in Armenia are agreed with CBA, without a necessity
of licensing.

EDB mission is to facilitate the development of market economies,
economic growth and the expansion of trade and other economic ties
in its member states by carrying out investment activities.

The Bank strives to become a consolidating element within the financial
infrastructure and a catalyst for the expansion of integration
processes in the territory of its member states.

The Bank’s founding members are the Russian Federation and the Republic
of Kazakhstan.

Republic of Armenia and the Republic of Tajikistan are members of the
Bank. In December 2008 the EDB Council, having considered respective
application by the Republic of Belarus, approved admittance of this
country , which joined the Agreement Establishing the EDB, and now
undergoes the procedures required for becoming full member of the Bank.