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Armenian Parliament Approves Of Armenia's Joining Eurasian Developme

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  • Armenian Parliament Approves Of Armenia's Joining Eurasian Developme

    ARMENIAN PARLIAMENT APPROVES OF ARMENIA'S JOINING EURASIAN DEVELOPMENT BANK

    ARKA
    Feb 3, 2009

    YEREVAN, February 3. /ARKA/. At its sitting today the RA Parliament
    ratified the Agreement Establishing the Eurasian Development Bank.

    RA Minister of Energy and Natural Resources Armen Movsisyan reported
    that the bank was co-established by Russia and Kazakhstan.

    The Eurasian Development Bank is an international financial institution
    established to promote the development of trade and economic relations
    and implement long-term projects, he said.

    Movsisyan said that the bank can become one of the Eurasian pivots in
    the near future. He pointed out that the bank's authorized capital
    is currently $1.5bln, with Russia's share being $1bln, and that of
    Kazakhstan $500mln.

    Armenia's planned share is $100, which will allow the country to be
    fully involved in the management process and receive its share of
    the profit.

    Movsisyan pointed out that Armenia's sharing in the Eurasian
    Bank will allow the country to attract the bank's funds to the
    infrastructural reforms in the country, agricultural development,
    industry, particularly to the mining industry. However, Armenia's
    sharing in the bank will be most beneficial to the country's energy
    sector, where large-scale projects are expected - the construction
    of a new nuclear-power plant, use of the water power potential.

    "We have a number of large-scale projects here in Armenia,
    particularly, the construction of an Iran-Armenia railway and of
    a new nuclear-power plant, which require huge investments. In this
    aspect the country's sharing in such a large bank with Russia and
    Kazakhstan will be beneficial," he said.

    On July 31, 2008, a task group was formed in Armenia to coordinate
    Armenia's joining the Eurasian Development Bank. The group worked
    at Armenia's acceding to the Russian-Kazakh agreement establishing
    the bank, as well as at the issues of cooperation and elaboration of
    medium-term programs.

    Russia and Kazakhstan signed the Agreement establishing the Eurasian
    Development Bank on January 2, 2006. The bank launched its activities
    in June 2006. The bank is headquartered in Almaty, Kazakhstan.

    The bank funds large- and medium-scale long-term investment projects,
    including industrial and innovation projects in the member-countries,
    as well as special-purpose interstate programs. The bank also renders
    financial assistance to the member-countries in their macroeconomic
    and structural policies. The bank is also involved in regional
    investment projects, crediting industrial enterprises in the
    member-countries.
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