Anti-crisis fund board of eurasec applauds concepts of 2 projects in Armenia

YEREVAN, June 27./ARKA/. The Anti-crisis Fund Board of EurAsEC approved the concepts of three investments projects to be implemented in Armenia and Kyrgyzstan the day before, the Eurasian Development Bank (EDB) reported to ARKA on Thursday.

The Board is also said to have approved the resolutions of the Eurasian Development Bank --Fund Manager-- related to submission of  initial applications to get Fund’s financing. Such decisions make it possible to start feasibility study. 

Two projects will be implemented in Armenia : modernization and development of irrigation systems’ institutional opportunities and North-South corridor construction (4th round). And one project will be implemented in Kyrgyzstan: financing agricultural machinery  delivery to Kyrgyzstan. 

At the meeting, the Board also approved the annual report on Fund Manager’s performance for 2012, discussed the activities of the Fund in the current year and some other issues related to the Fund’s further development. 

Earlier this month, head of EDB Yerevan office Sergey Ignatov  told ARKA the allocation of $100 million by the European Development Bank for construction of North-South highway in Armenia might  be discussed at the end of June.

If the decision is positive, the bank will be waiting for the feasibility study from the country’s ministry of transport. After the study results are discussed with the Anti-crisis fund, the project may be finally approved, Ignatov said.

On January 14 2010 Armenia’s government approved the investment project for construction of North-South road corridor and the framework agreement between Armenia and the Asian Development Bank for 500 million dollars.

The construction of the corridor is expected to be completed in 2017. The road will extend 556 kilometers to the Black Sea and Europe via Armenia (Meghri-Kapan-Goris-Yerevan-Ashtarak-Giumry-Bavra) and Georgia.

Eurasian Development Bank (EDB) is an international financial organization established by Russia and Kazakhstan in 2006 to help develop market economies and boost mutual trade ties in member states. The bank’s authorized stock is over 1.5bln US dollars. The member-states are Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia and Tajikistan. 

Anti-crisis Fund was established by the same states on 9 June 2009. Its goal is to support the member states in their efforts to recover from the global financial crisis shocks and ensure their financial sustainability and economic progress. EDB is authorized to manage the Fund’s means.—0-