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16 October 2020, 15:10

EDB transfers EFSD's $500m loan to Belarus

Photo courtesy of the Eurasian Development Bank
Photo courtesy of the Eurasian Development Bank

MINSK, 16 October (BelTA) - The Eurasian Development Bank (EDB), which manages the Eurasian Fund for Stabilization and Development (EFSD), has transferred $500 million from the Fund's resources to Belarus, BelTA learned from the EFSD.

The funds are granted for up to 10 years, the grace period is up to 5 years at a floating interest rate (defined as the average yield of Russian eurobonds denominated in U.S. dollars with a maturity period of 7 years). The financial loan from the EFSD funds is aimed at supporting the budget of Belarus amid the negative consequences of the COVID-19 pandemic.

The Eurasian Development Bank (EDB) is an international financial institution founded by Russia and Kazakhstan in January 2006 with the aim of promoting the development of market economies in member states, their sustainable economic growth and the expansion of mutual trade and economic ties. The EDB's authorized capital is $7 billion. The member states of the Bank are Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia and Tajikistan.

The Eurasian Fund for Stabilization and Development (EFSD) at the amount of $8.513 billion was established on 9 June 2009 by the governments of the same six countries. The EFSD objectives are to assist member countries in overcoming the consequences of the global financial crisis, to ensure their economic and financial stability and to support integration processes in the region. The EFSD member states have entrusted the EDB with the functions of the Fund Manager and signed an agreement with the Bank on the Fund's management.

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