Plus Company Updates(PCU)
 Thursday


Prime Minister of the Republic of Armenia Karen Karapetyan holds a
meeting with the Chairman of Eurasian development bank Dmitry Pankin




Yerevan: Karen Karapetyan, Prime Minister of the Republic of Armenia,
met yesterday with Dmitry Pankin, Chairman of the Management Board of
Eurasian Development Bank (EDB). The meeting was held on 7 July 2017,
in Yerevan.


During the meeting, the parties shared their high appreciation of
bilateral cooperation in the framework of implementing several
investment projects. Karen Karapetyan and Dmitry Pankin also discussed
further prospects of developing partner relationships. The parties
specifically agreed to cooperate in the domain of agriculture,
transport, and infrastructure.
Additional Information:

By 7 July 2017, EDB, in its capacity of the EFSD Resources Manager,
had provided to Armenia US $490 million. The following agreements are
signed and effective:
- on providing a financial credit of US $300 million to Armenia for
the purposes of budget support;

- on financing the construction of the North-South Road Corridor
(Phase IV) amounting to US $150 million;

- on financing the “Irrigation System Modernization Project” in
Armenia amounting to US $40 million.


The EFSD Council has approved its support to the project “Construction
of Mastara Reservoir”, which involves investments amounting to US $40
million.
In July 2017, EDB also provided a US $20 million credit line to
Ardshinbank for trade finance.

Eurasian Development Bank (EDB) is an international financial
institution founded by Russia and Kazakhstan in January 2006 with the
mission to facilitate the development of market economies, sustainable
economic growth, and the expansion of mutual trade and other economic
ties in its member states. EDB's charter capital totals US $7 billion.
The member states of the Bank are the Republic of Armenia, the
Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic,
the Russian Federation, and the Republic of Tajikistan.

The Eurasian Fund for Stabilisation and Development (EFSD) amounting
to US $8.513 billion was formed on 9 June 2009 by the governments of
the same six countries. The objectives of the EFSD are to assist its
member countries in overcoming the consequences of the global
financial crisis, ensure their economic and financial stability, and
foster integration in the region. The EFSD member countries signed the
Fund Management Agreement with Eurasian Development Bank giving it the
role of the EFSD Resources Manager.