Armenia to loan $100m from Eurasian Fund for Stabilization and Development

YEREVAN, 20 May. /ARKA/. Armenia’s Minister of Finance Vahe Hovhannisyan met with Andrey Shirokov, the Managing Director of the Eurasian Fund for Stabilization and Development, the Ministry reported on Monday.

The meeting touched upon various projects, including the planned 7 km long tunnel in the projected Sisian-Kajaran highway, the crucial point for Armenia’s North-South corridor, and the renovation project for the existing highway connecting Yerevan with Yeraskh, Goris, and Megri near the Iranian border. Hovhannisyan appreciated the Fund’s participation in these projects.

The two also spoke about the Fund’s various investment and grant projects, including the technical support program aimed at improving the quality of financial statements in the state sector.

The parties emphasised the importance of the EFSD Strategy for 2022–2026, as well as the strategies of member countries, and agreed to schedule a detailed discussion by the end of May.

During the meeting, the EFSD approved a loan worth $100 million for Armenia. The Fund’s total portfolio in the country is roughly $540 million.

The Eurasian Fund for Stabilisation and Development (EFSD) is a regional financial arrangement with a volume of more than $9 billion, established in 2009 by Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia and Tajikistan. The goal of the EFSD is to promote economic and financial stability and to support sustainable development in its member states.