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EDB to increase its charter capital up to $7 billion

July 3, 2014

The Council of Eurasian Development Bank decided to increase the Bank's charter capital to US $7 billion during the meeting in Moscow on July 3, the Bank's press release reads. 

The meeting was attended by the Ministers of Finance of Armenia, Kazakhstan, Russia, the Kyrgyz Republic, and the Republic of Tajikistan.

The ministers approved the new version of the EDB Strategy for 2013-2017,including the updated section on the macroeconomic situation in EDB member states. The main indicator of EDB performance will be the current investment portfolio, which is expected to reach at least US $4.7 billion by the end of 2017, as a result of the launching of new projects in 2013-2017to the tune of at least US $3.7 billion.

With respect to project activities, the Council approved the possibility to involve a third lender to finance the construction of Unit 3 at Ekibastuz GRES 2. The Council also discussed changes in the financing terms of the investment project to construct the railcar building plant in Tikhvin, Leningrad Region.

In addition, the Council approved the Management Board's Annual Report for 2013, the Statement of Comprehensive Income, and the Statement of Financial Position of the Bank, with KPMG Audit's report, as well as the Auditing Commission's statement on the Management Board's Annual Report and EDB's financial statements for 2013.

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Source: AKIpress News Agency (Kyrgyz Republic)

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