The Eurasian Development Bank (EDB) Council announced that it decided at a meeting in Moscow last week to increase the bank's charter capital to $7 billion by issuing additional stock, payable on demand, to EDB member states.

Participants at the meeting included Armenian Minister of Finance Gagik Khachatryan; Minister of Finance of Kazakhstan Bakyt Sultanov; Minister of Finance of Kyrgyzstan Olga Lavrova; Russian Minister of Finance and council Chairman Anton Siluanov; Deputy Minister of Finance of Russia Dmitry Pankinl; and Minister of Finance of Tajikistan Abdusalom Kurbonov.

At the meeting, the ministers also approved an updated EDB Strategy for 2013-2017, including the section on the macroeconomic status of member states. The bank said the current investment portfolio is expected to reach $4.7 billion by the end of 2017.

In addition, the council approved the management board's annual report for 2013, as well as various other financial documents.

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