DUSHANBE, July 3, 2014, Asia-Plus – Tajik Finance Minister Abdusalom Qurbonov together with his counterparts from Armenia, Kazakhstan, Kyrgyzstan, and Russia attended a meeting of the Council of the Eurasian Development Bank (EDB) that took place in Moscow on July 2.
According to the EDB press center, the Council decided to increase the Bank’s charter capital to US $7 billion, by means of issuing additional stock payable on demand. The subscribers are EDB member states.
The ministers reportedly approved the new version of the EDB Strategy for 2013-2017, including the updated section on the macroeconomic situation in EDB member states. The main indicator of EDB performance will be the current investment portfolio, which is expected to reach at least US $4.7 billion by the end of 2017, as a result of the launching of new projects in 2013-2017 to the tune of at least US $3.7 billion.
With respect to project activities, the Council approved the possibility to involve a third lender to finance the construction of Unit 3 at Ekibastuz GRES 2. The Council also discussed changes in the financing terms of the investment project to construct the railcar building plant in Tikhvin, Leningrad Oblast.
In addition, the Council approved the Management Board’s Annual Report for 2013, the Statement of Comprehensive Income, and the Statement of Financial Position of the Bank, with KPMG Audit’s report, as well as the Auditing Commission’s statement on the Management Board’s Annual Report and EDB’s financial statements for 2013.
Eurasian Development Bank (EDB) is an international financial organization founded by Russia and Kazakhstan in 2006. The members of the Bank are Russia, Kazakhstan, Armenia, Tajikistan and Belarus (2010). Other states or international organizations can become members by joining the Agreement Establishing the EDB. The Bank has authorized capital in exceeds US$1.5 billion, which was formed of contributions by its member states: Russia (US$1billion), Kazakhstan (US$500 million), Armenia (US$100,000), Tajikistan (US$500,000) and Belarus (US$15 million). The authorized capital may be increased by resolution of the Bank’s Council. The Bank has the status of an international organization, and is subject to international law.
