BISHKEK (TCA) — 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 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 Kyrgyzstan and its targeted programs via Kyrgyz commercial banks.
Cooperation between the two development institutions is expected to foster the development and modernization of Kyrgyzstan’s economy and create conditions for deeper economic integration between the EDB member states, the Bank said.
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 Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan.
The Russian-Kyrgyz Development Fund was established and operates under the Agreement between the Governments of the Kyrgyz Republic and the Russian Federation. The Fund is an international institution established to promote economic cooperation between the Kyrgyz Republic and the Russian Federation, modernize and develop the Kyrgyz economy, and effectively use the opportunities sparked by the participation of the sides in Eurasian economic integration.