RA government approves signing of agreement with EDB on grant of EFSD

ArmInfo.The Armenian government approved the signing of an agreement with the Eurasian Development Bank (EDB) in the framework of the program "Improving the Prevention and Control of Non-communicable Diseases in Primary Health Care" for  the provision of grant funds from the Eurasian Fund for Stabilization  and Development. This is stated in the reference justification of the  draft decision of the Government of the Republic of Armenia.

To recall, on May 4, during the meeting of the RA NA Standing  Committee on Regional and Eurasian Integration Affairs, RA Deputy  Minister of Economy Varos Simonyan said that Armenia had applied to  the EFSD for a crisis grant. According to him, the funds will be used  to re-equip hospitals and laboratory facilities in three regions of  Armenia in the fight against a pandemic.

It should be noted that the EDB investment portfolio in Armenia in  terms as of April 1, 2020 accounts for 14 projects for $ 223.5  million, which covers 2.6% of the total. As of the same date, the  EFSD Investment Portfolio in the Republic of Armenia is 3 projects  worth $ 490 million (9% of the total). 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.

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.