Armenia`s NA ratifies protocol granting status of independent  international organization to EFSD

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.