DUSHANBE, October 31, 2011, Asia-Plus – The Eurasian Development Bank is satisfied with the level of cooperation with Tajikistan and ready to support investment projects in this country in the future, the EDB Board chairman Igor Finogenov stated at a news conference in Almaty, Kazakhstan on October 28.
The news conference was dedicated to review the results of five-year work of the Bank.
The EDB head noted that they were currently considering the issue of financing hydroelectricity projects in Tajikistan, “including the serious project dedicated to support technical modernization of the Norak HPP.”
“If an agreement is reached, the EDB is ready support this project,” said Finogenov, “We are ready to support this project, which is of significant importance for Tajikistan, and we see opportunities for implementation of this project.”
The EDB head noted that Tajikistan has not applied to the Anti-Crisis Fund of the Eurasian Economic Community (EAEC) for the second tranche, “because the budgetary situation in Tajikistan is favorable and there is no need for this.” The first tranche in an amount of 70 million U.S. dollars was provided to Tajikistan in the summer of 2010.
“We are an integration bank and we fulfill our mission using special instruments,” said Igor Finogenov. “The EDB is primarily a project finance bank which helps expand mutual trade and mutual investment.”
Today the Bank’s investment portfolio can generate mutual trade flows worth over US $958 million a year. The increase in mutual investment backed by the Bank’s projects exceeds US $1.018 billion.
“The EDB’s new strategy for 2011-2013, the strategy of growth, aims at achieving both integration and socioeconomic effects of projects. We plan to take part in long-term investment programs and projects to ensure the economic development of the Bank’s member states and deepen trade and economic cooperation between them. We also plan to expand our activities both geographically and through the diversification of the financial instruments we offer,” added the head of the EDB. “The Bank’s activities will also be aimed at assisting the member states in overcoming the consequences of the global financial crisis and at creating conditions for their sustainable economic development.”
It is to be noted that the EDB director for analytical work Vladimir Yasinksy in June this year announced the bank’s intention to provide some 200 million U.S. dollars to Tajikistan for implementation of investment projects.
As at 1 October 2011, the Bank’s investment portfolio reportedly totaled US $2.522 billion and on-balance-sheet portfolio US $1.344 billion, an increase of US $313 million (14%) and US $280 million (26%) respectively on 1 January 2011.
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.
