YEREVAN, July 2. / ARKA /. On June 15, 2015, the Eurasian Economic Community’s (EurAsEC) Anti-Crisis Fund was  renamed as the Eurasian Fund for Stabilization and Development (EFSD). In addition to financial and investment credits, it will now provide grants to its member states. The respective resolutions were passed by the Fund’s Council on 2 July 2014, the Eurasian Development Bank said.

The member countries needed to implement internal procedures to sign protocols amending the Fund’s foundation documents. Eurasian Development Bank (EDB), being the Fund’s Resources Manager, announces that these procedures have been duly completed and that the respective amendments were applied on a provisional basis from the date the protocols were signed until they were ratified. In Armenia, amendments will take effect as ratified.

The Fund has been renamed because of the abolishment of the EurAsEC as a result of the establishment of the Eurasian Economic Union (EAEU). In accordance with the protocols, the EurAsEC Integration Committee will pass its functions of the Fund’s secretariat to EDB and the Russian Ministry of Foreign Affairs will become the Fund’s depository.

The new name of the Fund embodies fully its concept and reflects its areas of operations. The possibility to provide grants has been envisioned in response to the requests made by the Fund’s member states. Grants will be provided from the Fund’s net profit to finance governmental social programmes.

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 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.

The Eurasian Fund for Stabilization and Development (EFSD) amounting to US$8.513 billion was formed as the EurAsEC Anti-Crisis Fund on 9 June 2009 by the governments of six countries: Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan.

The objectives of the Fund 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 Fund’s member countries signed the Fund Management Agreement with Eurasian Development Bank giving it the role of the Fund’s Resources Manager. -0-