The Eurasian Development Bank (EDB) will extend a US $50 million revolving loan facility to the Russian-Kyrgyz Development Fund for five years.
The respective agreement was signed on 21 February 2018 by Andrey Beliyaninov, Chairman of the Management Board at the EDB, and Erkin Asrandiev, Chairman of the Executive Board of the Russian-Kyrgyz Development Fund. The loan will be used to finance the Fund’s investment projects in the Kyrgyz Republic and its targeted programmes via Kyrgyz commercial banks.
Cooperation between the two development institutions is expected to foster the development and modernisation of Kyrgyzstan’s economy and create conditions for deeper economic integration between the EDB member states.
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.
Original source: EDB
Published on 21 February 2018
