YEREVAN, May 31. /ARKA/. The annual meeting of the Eurasian Development Bank’s (EDB) Council took place in Nur-Sultan alongside the meeting of the EAEU heads of state, the bank said in a news release.

It said chaired by Kazakhstan’s Prime Minister Askar Mamin, the Council comprised Mher Grigoryan, Deputy Prime Minister of Armenia; Maxim Yermolovich, Minister of Finance of Belarus; Alikhan Smailov, First Deputy Prime Minister and Minister of Finance of Kazakhstan; Baktygul Zheyenbayeva, Minister of Finance of the Kyrgyz Republic; Anton Siluanov, First Deputy Prime Minister and Minister of Finance of Russia; and Sergey Storchak, Deputy Minister of Finance of Russia. The Bank’s Council approved the Management Board’s annual report for 2018.

In 2018, the Bank continued to focus on projects with a strong integration effect as well as national development projects. The EDB’s loan portfolio increased to US $3.44 billion. The Bank’s investments amounted to US $1.63 billion – the highest among all international development institutions operating in the EDB’s member countries. The EDB has strengthened its position as a leading multilateral development bank financing the private sector in its member states.

In accordance with its strategy for 2018-2022, the Bank began to provide settlement and clearing transactions for its clients. The system was launched in 2018. As at the end of the year, the Bank offered transactions for legal entities, including the receipt and sending of payments, currency exchange, and deposits.

In 2018, the EDB developed strategic partnerships with international and national development institutions and major commercial banks in the member states. In particular, agreements and memorandums of cooperation were signed with VEB.RF, the Russian Export Centre, VTB Bank, Gazprombank, the Damu Fund, the AIIB, and the BSTDB, among others.

The annual meeting approved the new large investment projects to construct and operate the Central Ring Road in Moscow Region (Russia), and to construct a 50 MW wind farm near the town of Yereimentau (Kazakhstan). The Bank’s Council also approved the revised Regulations of the EDB Technical Assistance Fund.

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. -0-