RIA Oreanda, Russia
April 29 2010

EBD Signs Agreement on Terms of Operation in Armenia

Yerevan. OREANDA-NEWS . April 29, 2010. The Government of the Republic
of Armenia and Eurasian Bank of Development signed an Agreement on
terms of operation of the bank in Armenia. The document was signed by
the Minister of Energy and Natural Resources of Armenia Armen
Movsisyan and Bank Chairman Igor Finogenov, reported the press-centre
of KASE.

The Agreement provides for favorable conditions for operation of the
bank, and allows for enjoying immunities and privileges in Armenia,
which obtained a status of full member with Eurasian Bank of
Development in April 2009. The bank entered into corresponding
agreements with other member states – Russia, Kazakhstan, and
Tajikistan.

The bank signed a Memorandum on cooperation with the Armenian Ministry
of Energy and Natural Resources and a few memorandums with largest
companies, specifying forms and areas of business cooperation,
including companies like ZAO Armrosgasprom, ZAO International energy
corporation, ZAO South Caucasian Railroad, ZAO Armbiznesbank.

After signing the agreements a welcome reception was held in Yerevan
on behalf of Bank Chairman. The reception was attended by Armenian
state officials, ministers and heads of agencies, business people and
diplomats.

The Agreement allows for the bank beginning active operations in the
republic and simplifies access for companies to long-term investment
resources.

Currently the bank investment portfolio is composed of 20 projects in
Russia, Kazakhstan and Tajikistan and exceeds USD1.3 bn. Six more
projects of USD780 m worth were approved with the bank.

As soon as Armenia had entered the membership the bank was actively
engaged in consideration of investment projects in the republic.

The priority remains with energetic, transportation, mining (in
particular, ores), ferrous and non-ferrous metallurgy, agriculture and
banking.

The bank is ready to implement significant investment projects in
Armenia and has all required resources, potential and capacities to
support potential borrowers when structuring projects. The bank is
taking part in projects on conditions of economical efficiency,
development potential, modernization competitiveness of the national
economy, and further integration with other member states.