YEREVAN, January 26. /ARKA/. The Eurasian Development Bank (EDB), as the Resources Manager of the Eurasian Fund for Stabilization and Development (EFSD), has announced the results of a call for applications for the second EFSD grant competition for social projects. Armenia, Kyrgyzstan and Tajikistan were invited to participate.

The EFSD Secretariat received 46 applications for project finance, totalling US $84.5 million. Armenia submitted the greatest number of applications (28, for a total of US $43.0 million), followed by Kyrgyzstan (12, for US $25.4 million) and Tajikistan (6, for US $16.1 million).

EDB said the majority of submissions are projects in the area of social security, including food security (15), training and education (14) and public governance (11). In addition, 6 healthcare projects were proposed. The average requested per application approximates US $1.8 million.

The EDB, as the EFSD Resources Manager, began to appraise the submissions. When this process is over, the EFSD Council will be proposed recommendations on grant distribution.

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 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) was formed on 9 June 2009 by the governments of the same six countries. Its charter capital is US $8.513 billion. The EFSD assists its member countries in overcoming the consequences of the global financial crisis, ensuring their economic and financial stability, and fostering integration in the region. The member states of the EFSD appointed the EDB as its Resources Manager and Secretariat. -0-