Armenia, EFSD sign agreement for USD 100 million financial credit 

ArmInfo. Vahe Hovhannisyan, Armenia's Minister of Finance, met with Andrey Shirokov, Executive  Director of the Eurasian Fund for Stabilization and Development (EFSD), the EFSD press service reports.

The discussion focused on the construction of a 7-kilometer tunnel  near Kajaran, which is part of the North-South road corridor, and  financing for the reconstruction of the existing  Yerevan-Yeraskh-Goris-Meghri-Armenian border road. The Minister  highly appreciated the Fund's participation in such a significant  project.

The parties also reviewed details of certain investment and grant  programs implemented by the Fund, including a technical assistance  program to improve financial reporting by public organizations.

They emphasized the importance of the mid-term evaluation of progress  under the EFSD 2022-2026 Strategy, as well as the strategies of the  member countries, and agreed to schedule a detailed discussion by the  end of May.

The meeting concluded with an official ceremony to sign an agreement  for a US $100 million financial credit from the EFSD.

The EFSD's portfolio in Armenia approximates US $500 million.

The Eurasian Fund for Stabilization and Development (EFSD) is a  regional financial arrangement totaling US $9 billion, established in  2009 by the Republic of Armenia, the Republic of Belarus, the  Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation,  and the Republic of Tajikistan.   The EFSD aims to promote economic  and financial stability in its member states and support their  sustainable development.