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Tuesday, August 22, 2017

EDB announces provision of $150 million loan to Armenia by ACF

The Eurasian Development Bank announced last week that the Council of the EurAsEC Anti-Crisis Fund (ACF) has decided to prove a $150 million loan to Armenia for construction of phase four of the North-South Road Transport highway.

The ACF Council approved the EDB's proposal to use the World Bank Procurement Policies in the project and involve specialists from the bank in its monitoring. The council also approved ideas for two investment projects submitted by Kyrgyzstan and asked the EDB to choose consultants to evaluate the plans.

The projects include reconstruction of the Toktugul HPP, including the replacement or repair of units two and four, and the commissioning of unit two at Kambarata HPP 2.

In addition, the council approved the ACF Resources Manager's Annual Report for 2013 and discussed the funds work for this year.

The EDB was founded by Russia and Kazakhstan in January 2006 to assist with the development of market economies, sustainable growth and mutual trade and economic ties between member states.

The ACF, which totals $8.5 billion, was formed on June 9, 2009 by Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia and Tajikistan to help member countries overcome the impact of the global financial crisis and ensure their economic stability.