YEREVAN, July 6. / ARKA /. The Eurasian Fund for Stabilization and Development Board has ruled to provide Armenia with a $40 million investment loan too finance a project designed to modernize irrigation systems, the Eurasian Development Bank (EDB) said in a statement, posted on its official website.
The Eurasian Fund for Stabilization and Development will also release a $100 million loan for Kyrgyzstan to finance the rehabilitation of Toktogul hydropower plant (Phase 2).
The Board made also a principled decision to provide a $40 million financial loan to Tajikistan for 2015-2016.
Eurasian Development Bank (EDB) is an international financial organization established by Russia and Kazakhstan in 2006 to help develop market economies and boost mutual trade ties in member states. The bank’s authorized stock is over 1.5bln US dollars. The member-states are Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia and Tajikistan.
The Eurasian Fund for Stabilization and Development worth $8.5 billion (previously Anti-Crisis Fund was established by the same states on 9 June 2009. Its goal is to support the member states in their efforts to recover from the global financial crisis shocks and ensure their financial sustainability and economic progress. EDB is authorized to manage the Fund’s means. ($1 – 473.52 drams).–0–
