YEREVAN, April 16, /ARKA/. The Eurasian Development Bank (EDB) will open a representation in Armenia within this year, Igor Finogenov, EDB board chairman said in an interview with Armenian daily Kapital. He said a relevant agreement with Armenia will be signed in late April or early May.

Eurasian Development Bank (EDB) was founded by Russia and Kazakhstan. The Bank officially commenced operations in June 2006 after the presidents of Russia and Kazakhstan signed laws ratifying the international agreement and the first session of the Council of the Bank was convened.

In 2009, the Republic of Armenia and the Republic of Tajikistan joined as Member States. Armenia has submitted to EDB a package of 8 credit projects worth $500 million. Igor Finogenov said EDB plans to sign first credit programs with Armenia in 2-3 months. He said the EDB assistance to Armenia is important as the country is working to overcome the consequences of the global economic crisis and get back on recovery track.

He said the bank prioritizes projects that are designed to deepen integration processes among EDB member states. The loans provided by the bank are repayable in 10 years. The largest possible amount of a loan is $350 million. The bank’s credit portfolio is above $1.3 billion.  -0-