EDB TO ESTABLISH BRANCH IN YEREVAN

PanARMENIAN.Net
23.03.2010 10:12 GMT+04:00

/PanARMENIAN.Net/ The Eurasian Development Bank (EDB) will establish
a branch in Yerevan in the near future in compliance with the decision
taken by the RA government on March 11, 2010.

"Presently, a relevant agreement is under discussion," deputy chairman
of the EDB board of directors Gennady Zhuzhlev told a PanARMENIAN.Net
reporter.

The EDB was founded on January 12, 2006 in Astana, Kazakhstan following
the signing of the Agreement on Establishment of the Bank, which
was then ratified by the Republic of Kazakhstan on April 12, 2006
and by the Russian Federation on June 3, 2006. The Bank officially
commenced operations on June 16, 2006. The Bank enjoys the status
of an international organization and is subject to international
law. The Bank was established with a charter capital of US$1.5
billion, of which US$1 billion is contributed by Russia and US$500
million by Kazakhstan. According to the founding documents, any
country or international organization can apply to become a member
of the EDB. The Bank’s 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.
From: Baghdasarian