EURASIAN DEVELOPMENT BANK INTENDS TO IMPLEMENT NEW INVESTMENT PROJECTS IN ARMENIA
YEREVAN, March 31. /ARKA/. The Eurasian Development Bank is now
making necessary preparations for lending $220 million to Armenia
and Kyrgyzstan for implementation of four investment projects,
Dmitry Pankin, chairman of the bank’s board, said in an interview
with Analytical Banking Magazine.
“It is decided to extend three investment loans amounting to 230
million to Armenia and Kyrgyzstan. Other four investment projects
for these countries amounting to $220 million are at the preparatory
stage now,” he said in his interview.
Asked if the bank considers room for extending loans in various
countries in their national currencies given devaluation of the
Russian ruble and breakaway from the dollar, Pankin said that the
bank is dealing only with tenge, rubles and dollars so far.
He found the idea of extending loans in national currencies interesting
saying that the current volatility at forex market just fuels interest
in dealing with national currencies.
“But it is very important to ensure here mechanisms of refinancing
of these projects in national currencies, and we will work in this
direction,” the chairman of the bank said.
Eurasian Development Bank (EDB) is an international financial
organization established by Russia (66% of authorized capital)
and Kazakhstan (33% of authorized capital) in 2006 to help develop
market economies and boost mutual trade ties in member states. The
member-states are Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia
and Tajikistan. —0—