DUSHANBE, June 6, 2011, Asia-Plus — All the CIS nations that will join the Eurasian Economic Community (EAEC) Anti-crisis Fund may apply for its resources that now exceed 8 billion U.S. dollars.
Russian media outlets report that Russian Minister of Finance Aleksey Kudrin remarked this at a news conference in Kiev on June 4, following the CIS finance ministers’ meeting.
“The presidents of Russia and Kazakhstan have offered all the CIS nations to join the EAEC Anti-crisis Fund and after that they may apply for support of the Anti-crisis Fund,” Kudrin was cited as saying. “To join the Anti-crisis Fund they just have to pay a symbolic fee of 1 million U.S. dollars,” Russian finance minister noted. “And that goes for the Eurasian Development Bank (EDB) too.”
All the CIS nations are offered to join the EDB, Kudrin said. According to him, the EDB board has made a decision to allocate US$980 million for investment programs in Kazakhstan. Besides, US$60 million will be allocated to Armenia and US$70 million will be allocated to Tajikistan.
An agreement on the establishment of the Anti-crisis Fund was signed at the EAEC summit in Moscow in February 2009. The sides agreed to establish a joint anti-crisis fund of 10 billion U.S. dollars that will be used to support efforts to mitigate effects of the global financial and economic crisis. The 2nd session of the EAEC Anti-Crisis Fund board that took place in Moscow in January 2010 considered and endorsed the procedure of providing loans from the Anti-Crisis Fund. By the board’s decision loans are allocated to support budget balance, improvement of parameters of balance of payments, improvement of conditions for entrepreneurial activity, mutual trade, and macroeconomic stability. The EAEC finance ministers agreed that loans would be provided to medium-income countries for 10 years with a five-year grace period.
Eurasian Development Bank (EDB) – an international financial organization founded by the Russian Federation and Kazakhstan in 2006. The Bank”s mission is to facilitate the development of market economies, economic growth and the expansion of trade and other economic ties in its member states by carrying out investment activities. The Bank strives to become a consolidating element within the financial infrastructure and a catalyst for the expansion of integration processes among member states. The strategic objectives of the EDB are to foster sustainable economic development of its member states, to promote integration processes, to develop infrastructural and institutional fundamentals of market economies, and to complete the establishment of the Bank as a reputed international development bank with a focus on Eurasian integration.
The EDB member states are Russia, Kazakhstan, Armenia, Tajikistan and Belarus. Other states and international organisations may become members by joining the Agreement Establishing the EDB. The EDB charter capital in exceeds US$1.5 billion, it is formed of contributions by its member states: Russia (US$1 billion), Kazakhstan (US$500 million), Armenia (US$100,000), Tajikistan (US500,000) and Belarus (US15 million). The charter capital may be increased by resolution of the Bank’s Council.
