Wed, 2 July
20.1 C
Yerevan
USD: 385.32 RUB: 4.91 EUR: 455.06 GEL: 141.61 GBP: 530.70

Eurasec Anti-Crisis Fund renamed as Eurasian Fund for Stabilization and Development

YEREVAN, July 2. / ARKA /. On June 15, 2015, the Eurasian Economic Community’s (EurAsEC) Anti-Crisis Fund was  renamed as the Eurasian Fund for Stabilization and Development (EFSD). In addition to financial and investment credits, it will now provide grants to its member states. The respective resolutions were passed by the Fund’s Council on 2 July 2014, the Eurasian Development Bank said.

The member countries needed to implement internal procedures to sign protocols amending the Fund’s foundation documents. Eurasian Development Bank (EDB), being the Fund’s Resources Manager, announces that these procedures have been duly completed and that the respective amendments were applied on a provisional basis from the date the protocols were signed until they were ratified. In Armenia, amendments will take effect as ratified.

The Fund has been renamed because of the abolishment of the EurAsEC as a result of the establishment of the Eurasian Economic Union (EAEU). In accordance with the protocols, the EurAsEC Integration Committee will pass its functions of the Fund’s secretariat to EDB and the Russian Ministry of Foreign Affairs will become the Fund’s depository.

The new name of the Fund embodies fully its concept and reflects its areas of operations. The possibility to provide grants has been envisioned in response to the requests made by the Fund’s member states. Grants will be provided from the Fund’s net profit to finance governmental social programmes.

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. 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 Stabilization and Development (EFSD) amounting to US$8.513 billion was formed as the EurAsEC Anti-Crisis Fund on 9 June 2009 by the governments of six countries: Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan.

The objectives of the Fund are to assist its member countries in overcoming the consequences of the global financial crisis, ensure their economic and financial stability, and foster integration processes in the region. The Fund’s member countries signed the Fund Management Agreement with Eurasian Development Bank giving it the role of the Fund’s Resources Manager. -0-

spot_img

POPULAR

Insurance market of Armenia is in embryonic state

Insurance market of Armenia is in embryonic state

Average AMD/USD exchange rate in March was 1.9% lower than a year ago

In March 2025, the average AMD/USD exchange rate was 392.8, which is 1.9% lower than in March 2024 (400.4 AMD), the National Statistical Committee reports.

Central Bank of Armenia refrains from forecasting the exchange rate of dram for 2025

The Chairman of the Central Bank of Armenia Martin Galstyan declined today forecasts on the exchange rate of the national currency , the dram, against the US dollar for the next year and did not comment on the impact of the recent fluctuations of the Russian ruble.   

Finance Minister: Armenia has no problems with public debt management

The government of Armenia does not have serious problems with managing the public debt,  Finance Minister Vahe Hovhannisyan said today in response to ARKA News Agency's about  about how manageable the debt is and what the main risks associated with it are.

LATEST NEWS

spot_imgspot_imgspot_img