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.
