Eurasian Bank of Development signs agreement on terms of operation in Armenia
/KASE, April 27, 10/ - Eurasian Development Bank, bonds of which are listing
on Kazakhstan Stock Exchange (KASE), provided KASE with a press release
dated August 27, 2010:
The Government of the Republic of Armenia and Eurasian Bank of Development
signed an Agreement on terms of operation of the bank in Armenia. The
document was signed by the Minister of Energy and Natural Resources of
Armenia Armen Movsisyan and Bank Chairman Igor Finogenov.
The Agreement provides for favorable conditions for operation of the bank, and
allows for enjoying immunities and privileges in Armenia, which obtained a status
of full member with Eurasian Bank of Development in April 2009. The bank
entered into corresponding agreements with other member states - Russia,
Kazakhstan, and Tajikistan.
The bank signed a Memorandum on cooperation with the Armenian Ministry of
Energy and Natural Resources and a few memorandums with largest companies,
specifying forms and areas of business cooperation, including companies like
ZAO Armrosgasprom, ZAO International energy corporation, ZAO South
Caucasian Railroad, ZAO Armbiznesbank.
After signing the agreements a welcome reception was held in Erevan on behalf
of Bank Chairman. The reception was attended by Armenian state officials,
ministers and heads of agencies, business people and diplomats.
The Agreement allows for the bank beginning active operations in the republic
and simplifies access for companies to long-term investment resources.
Currently the bank investment portfolio is composed of 20 projects in Russia,
Kazakhstan and Tajikistan and exceeds USD1.3 bn. Six more projects of
USD780 m worth were approved with the bank.
As soon as Armenia had entered the membership the bank was actively engaged
in consideration of investment projects in the republic. The priority remains with
energetic, transportation, mining (in particular, ores), ferrous and non-ferrous
metallurgy, agriculture and banking.
The bank is ready to implement significant investment projects in Armenia and
has all required resources, potential and capacities to support potential
borrowers when structuring projects. The bank is taking part in projects on
conditions of economical efficiency, development potential, modernization
competitiveness of the national economy, and further integration with other