BISHKEK (TCA) — The Eurasian Fund for Stabilisation and Development (EFSD) Council members have supported an investment loan to Kyrgyzstan in the amount of US $110 million to be funded with EFSD resources with the aim to finance the project of Commissioning of the Second Hydroelectric Generating Unit at Kambarata hydro power plant (HPP) 2. The decision was made at the meeting of the EFSD Council on September 23 in Moscow. It was attended by members of the EFSD Council – Ministers of Finance of the EFSD member states – and chaired by Anton Siluanov, Minister of Finance of the Russian Federation. The range of the meeting participants also included experts, as well as representatives of Eurasian Development Bank, the Fund’s Resources Manager, the EDB Media Centre said.
The endorsed project is essential for the energy security of the Kyrgyz Republic. When put into service, the second hydroelectric generating unit at Kambarata HPP-2 will help alleviate shortage of electricity in the region, especially in winter times, and increase electricity generation, which will reach 1,140 GWh.
The Eurasian Fund for Stabilisation and Development (EFSD) amounting to US $8.513 billion was formed on 9 June 2009 by the governments of the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan. The objectives of the EFSD are to assist its member countries in overcoming the consequences of the global financial crisis, ensure their economic and financial stability, and foster integration processes in the region. The EFSD member countries signed the Fund Management Agreement with EDB giving it the role of the EFSD Resources Manager and Secretariat.
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. EDB’s charter capital totals US $7 billion. The member states of the Bank are Armenia, Belarus, Kazakhstan, the Kyrgyz Republic, the Russian Federation, and Tajikistan.
