Armenia applied for anti-crisis grant to EFSD

ArmInfo. Armenia applied to the  Eurasian Fund for Stabilization and Development (EFSD) for an  anti-crisis grant. This was announced on May 4 by the Deputy Minister  of Economy of the Republic of Armenia Varos Simonyan during the  meeting of the RA NA Standing Committee on Regional and Eurasian  Integration Affairs.

According to him, the grant funds will be used to re-equip hospitals  and laboratory facilities in three regions of Armenia in the context  of combating the pandemic.

<At the moment, the Fund's policy on grants and interest rates on  loans is being developed, which will be published soon>, the deputy  minister added.

To recall, the Eurasian Development Bank (EDB) Investment Portfolio  in Armenia  as of April 1, 2020 totals 14 projects for $ 223.5  million, which covers 2.6% of the total volume. As of the same date,  the EFSD Investment Portfolio in the Republic of Armenia is 3  projects worth $ 490 million (9% of the total).  The Republic of  Armenia became a full member of the Eurasian Development Bank in  April 2009.  Armenia's contribution to the Bank's capital is $ 100  thousand.

It should be noted that the Eurasian Fund for Stabilization and  Development (EFSD) in the amount of $ 8.513 billion was established  on June 9, 2009 by the governments of the Republic of Armenia, the  Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic,  the Russian Federation and the Republic of Tajikistan. The objectives  of the EFSD are to assist participating States in overcoming the  effects of the global financial crisis, in ensuring their economic  and financial stability, and in supporting integration processes in  the region. The EFSD member states have assigned the functions of the  Fund Asset Manager to the EDB and signed an Agreement on the  management of the EFSD funds with the Bank.