Armenia among potential recipients of grants of Eurasian Fund for Stabilization and Development

ArmInfo. Eurasian Fund for Stabilization and Development (EFSD) managed by Eurasian Development Bank (EDB) will invest 10% of the Fund's net profits in social projects, Head of the Programme Division, ACF Project Group, Artak Azizyan said in his report at the International Forum on Eurasian Food Security and Nutrition Network and Eurasian Soil Partnership, February 29 - March 2, 2016 in Bishkek, Kyrgyz Republic.

Azizyan explained that $10 million grants will be endorsed for social projects. The grants will be provided to the EFSD member-countries with the gross national income per capital below the average. The potential recipients of grants are Armenia, Kyrgyzstan and Tajikistan.  In his report, Artak Azizyan informed those present of the Fund's activity, including the efforts to upgrade the food safety in the region, the Fund's projects in the member-states, spotlighting the project "Modernization of Irrigation Systems" in Armenia as a bright example of the Fund's contribution to development of agriculture and food safety in the country.  Jointly organized by the ECFS, FAO, the World Bank, IFPRI, and GFAR, the forum presented the opportunity to discuss and analyze current trends in food security management in the Eurasian region; generate discussion about best and most effective practices to promote and expand multi- and cross-sectoral collaboration on a country, regional and global level; and offer the floor for the Eurasian Soil Partnership Plenary meeting.

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 Stabilisation 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 EFSD 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 member states of the EFSD appointed EDB as its manager.