ArmInfo.The Eurasian Fund for Stabilization and Development (EFSD) has financed a number of projects in Armenia. Another project totaling $100 million is being prepared. The Fund supports the most important, strategic investment areas.
According to a reportage aired on the Rossiya24 TV channel, preparations are now underway for another financial loan of $100 million. In total, the Fund's Armenian portfolio includes 10 projects totaling $500 million. The construction of the fourth stage of the International North-South Transport Corridor (INSTC) as already been financed. Another $40 million was spent to modernize the country's irrigation system. The work is at its final stage.
As Andrey Shirokov, the Executive Director of the Project Block at the Eurasian Fund for Stabilization and Development (EFSD), managed by the Eurasian Development Bank, said, the irrigation system is one of the most important sectors of economic development in Armenia. "More than 10% of GDP is generated precisely thanks to Armenian agriculture. About 300 thousand households are involved in agriculture. Another large and very important project that we are financing in Armenia is several sections of the INSTC, which is an important transit corridor for the Republic. We have a number of projects in the social sector - this includes healthcare and energy efficiency of social facilities," added Shirokov.
The Eurasian Fund for Stabilization and Development (the former EURASEC Anti-Crisis Fund) is a regional financial arrangement in the amount of US$ 8.513 billion established by Armenia, Belarus, Kazakhstan, Kyrgyz Republic, Russia, and Tajikistan to overcome negative crisis consequences, to provide long-run sustainability and to foster economic integration of EFSD member countries. The Fund provides the following assistance to the member states: financial credits for budget support and (or) balance-of-payments support, available to governments only;investment loans, provided either to EFSD member states or to companies;grants to finance government programmes in the social sector.
