ArmInfo. The National Assembly of Armenia ratified the protocol on granting the Eurasian Fund for Stabilization and Development the status of an independent international organization at its plenary session on December 4.
The agreement on the establishment of the EFSD was signed on June 9, 2009, when the heads of government of Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia and Tajikistan signed the Treaty on the establishment of the Anti-Crisis Fund of the Eurasian Economic Community in the amount of $8.513 billion, which was subsequently transformed into the EFSD. Considering that the fund was not an independent structure (its resources were managed by the Eurasian Development Bank), a decision was made to transform the fund into an independent structure.
The EFSD was created to overcome the negative consequences of the crisis, ensure long-term sustainability and promote the integration of the economies of the Fund's member states. It provides financial loans to member states to support the budgets and (or) balances of payments of member states, investment loans to member states or companies, grants to finance state programs in the social sphere.
Currently, the total investment in the authorized capital of the fund is $8.513 billion, $1 million of which is accounted for by Armenia, $10 million by Belarus, $1 billion by Kazakhstan, $1 million by Tajikistan, $7.5 billion by Russia and $1 million by Kyrgyzstan. As of the current situation, the EFSD loan portfolio in Armenia amounts to $840 million, $540 million of which are in the active implementation stage.
