Eurasian Development Bank (“EDB” or the “Bank”) is an international financial organisation established to promote economic growth in its member states, extend trade and economic ties between them and to support integration in Eurasia.
The Bank was conceived by the Presidents of the Russian Federation and the Republic of Kazakhstan and established in 2006, following the signing of an international agreement by the Presidents of those two countries on 12 January that year.
Any country or international organisation that shares EDB’s goals is eligible to join it. A country or international organisation may accede to the EDB subject to the approval of the necessary resolutions by the Bank’s Board after such states and organisations have signed up to EDB’s Foundation Agreement and purchased Bank shares according to an established procedure.
The Republic of Armenia and the Republic of Tajikistan, the Republic of Belarus and the Kyrgyz Republic became full members of the Bank In 2009, 2010 and 2011 respectively.
EDB’s greatest achievement of recent years has been its recognition as an international financial development institution specialising in regional integration.
The Bank’s activities are aimed at creating the conditions necessary for encouraging sustainable economic development, promoting integration between EDB member states and mitigating the consequences of the global financial and economic crisis.
EDB’s priorities are:
- attracting new member states;
- financing investment projects that promote integration;
- helping to implement projects that support integration;
- research relating to economic integration;
- diversifying its investment portfolio across the regions of its member states.
EDB manages the EurAsEC Anti-crisis Fund (ACF) .
The Bank has provided financing totalling more than US $4,5 billion to investment projects in its member states.
EDB abides by the strictest environmental standards and invests only in projects which meet its exacting environmental criteria.
International credit ratings agencies have assigned ratings to the Bank on equal or higher terms than the individual sovereign ratings of its member states. This ensures that the Bank has access to international and national financial markets.
The Bank’s charter capital exceeds US $1.5 billion, the contributions to this capital from its member states being structured as follows:
US $1 billion contribution from the Russian Federation, US $500 million contributed by Kazakhstan, US $15 million from Belarus, US $500,000 from Tajikistan, US $100,000 from Armenia, and US $100,000 from Kyrgyzstan.
The Bank has the status of an international organisation. As an entity regulated by international law, the EDB:
- has international legal status;
- has the rights of a legal entity on the territory of its member states.
Its legal status affords it the following privileges and benefits in its member states:
- property and judicial immunity;
- tax and customs exemptions;
- protection from some of the risks resulting from changes in legislation and bank regulation in its member states.
In 2007 the Bank acquired the status of an observer at the UN General Assembly and in 2008 it became an observer at EurAsEC and at the Eurasian Group on Combating Money Laundering and the Financing of Terrorism (EAG).
EDB operates in the countries with whose governments it has concluded agreements establishing the terms and conditions of its operations in such countries and where such agreements have come into legal force and effect.
EDB’s head office is located in Almaty.
The Bank has a branch in St Petersburg and representative offices in Moscow, Astana, Dushanbe, Yerevan and Minsk.