Tajik Ambassador to Russia Immuddin Sattorov on February 25 met in Moscow with Nikolai Podguzov, Chairman of the Board of the Eurasian Development Bank (EDB), according to the Tajik Embassy in Moscow.
The two reportedly discussed issues related to prospects of cooperation between Tajikistan and the bank this year and implementation of joint energy and industrial development projects in Tajikistan.
The Eurasian Development Bank, acting as the Resources Manager of the Eurasian Fund for Stabilization and Development (EFSD), in November last year transferred a US$50 million EFSD financial loan to Tajikistan.
The funds have been provided for up to twenty years with a ten-year grace period at a fixed annual interest rate of 1.0 percent. In the first year of extension of the loan, the annual interest rate will be 0.25 percent.
The loan will be used to support Tajikistan’s budget amid the negative effects of the COVID-19 pandemic.
The EDB experts forecast that the economies of the EDB member nations will recover slowly. In 2021, the economic growth rate is expected to be 4.9 percent in Armenia, 4.4 percent in Kazakhstan, 3.7 percent in Kyrgyzstan, 3.2 percent in Russia, and 6.1 percent in Tajikistan.
The 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 EDB's charter capital totals US$7 billion.
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.
