Belarus to Become Shareholder of Eurasian Development Bank

Belarus is planning to act as a shareholder with an interest of 1% ($15 million) in the authorized fund of Eurasian Development Bank. Appropriate draft legislation – “On adhesion of the Republic of Belarus to Agreement Establishing Eurasian Development Bank” – was passed the day before at the plenary meeting of the House of Representatives at the National Assembly of Belarus.

Belarus is planning to act as a shareholder with an interest of 1% ($15 million) in the authorized fund of Eurasian Development Bank. Appropriate draft legislation – “On adhesion of the Republic of Belarus to Agreement Establishing Eurasian Development Bank” – was passed the day before at the plenary meeting of the House of Representatives at the National Assembly of Belarus.

Commenting upon the document, Nikolay Zaichenko, Belarusian Minister of Economy, noted that the Agreement Establishing Eurasian Development Bank was signed in January 2006. By now, Russia and Kazakhstan have paid in their shares to the authorized fund of the bank. The minister has substantiated the economic profit from the participation of the country in EADB functioning by the prospect to obtain credits on beneficial terms and on a priority basis. “High credit rating and international status of Eurasian Development Bank will make it possible to attract direct foreign investment against its security,” stated N.Zaichenko. There are some agreements between Belarusian Government and EADB which specify the conditions of bank functioning on Belarusian territory. This fact presupposes the establishment of EADB representative office in Belarus. Besides that, adhesion of Belarus to Eurasian Development Bank will make it possible to appoint an authorized representative in the bank’s Board and thus to be informed about its activity as well as to attract bank’s funds for financing investment projects on Belarusian territory.

“We don’t set a task to obtain a large holding of shares. But what is more important is that we would like to become a full member of the bank,” said the minister, commenting upon the intention of Belarus to become a minority shareholder.