EDB: Armenia presents seven applications for US $9.3 million to Resources Manager of the Eurasian Fund for Stabilisation and Development (EFSD)

ArmInfo. Eurasian Development Bank (EDB), as the Resources Manager of the Eurasian Fund for Stabilisation and Development (EFSD), announces the results of the collection of applications for the first competition for EFSD grants for social projects in Armenia, the Kyrgyz Republic and Tajikistan, according to the Bank's press-office. 

The EFSD Secretariat received 26 applications for project finance, totalling US $50.6 million. The Kyrgyz Republic submitted the greatest number of applications (fifteen for a total of US $34.8 million). Armenia presented seven applications for US $9.3 million and Tajikistan four applications for US $6.5 million. 

Health projects account for a half of all applications, followed by social welfare and food security projects. The applications also included three public governance projects and two educational projects. 

The average amount requested per application approximated US $2 million. 

EDB, as the EFSD Resources Manager, began to appraise the applications submitted. When the appraisal is over, the EFSD Council will be proposed recommendations on grant distribution, provided that the overall grant amount available for the first competition totals US $9.9 million. 

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. 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 Stabilisation and Development (EFSD) amounting to US $8.513 billion was formed on 9 June 2009 by the governments of the six countries. 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 EFSD member countries signed the Fund Management Agreement with EDB giving it the role of the EFSD Resources Manager.