DUSHANBE, October 21, 2009, Asia-Plus -- The Government of Tajikistan and the Eurasian Development Bank (EDB) have signed an agreement on terms of presence of EDB’s representative office in Tajikistan.

The document was singed by Mr. Safarali Najmiddinov, Minister of Finance of Tajikistan, and Mr. Igor Finogenov, Chairman of EDB’s Board, in Dushanbe on October 21.

Mr. Finogenov noted that the main objectives of the representative office were in promoting partnership with the interested sides in the field of investment, developing and implementing investment projects in accordance with the bank’s goals, cooperating with Tajik government bodies and offices of international organizations in Dushanbe.

According to him, the main priorities of EDB’s activity include financing of investment projects aimed at promoting sustainable economic development of Tajikistan and having powerful multiplicative effect and significant integration potential.

Finogenov added that the bank’s board had approved the provision of financial support to Tajik closed joint-stock company (CJSC) Olim-Textile for construction of a modern spinning mill in Tajikistan.  The EDB is expected to provide a US$20 million loan for a 10-year period.

An official ceremony of opening of the bank’s representative office was held in Dushanbe the same day. Yerkanat Galliyev will head EDB’s representative office in Tajikistan.

The Eurasian Development Bank (EDB) is based in the Kazakh city of Almaty and has a branch in St. Petersburg, Russia''s second city, and offices in the two countries'' capitals, Moscow and Astana. It was established to help boost investment across the former Soviet Union.  Russia and Kazakhstan signed an agreement to create the bank on January 12, 2006 in the Kazakh capital, Astana.  Under the agreement, the bank has authorized capital of $1.5 billion, 33% of which will belong to Kazakhstan and the remainder to Russia.

In April 2009 Armenia and in June 2009 Tajikistan became the full members of the EDB after having paid in their shares in the authorized capital of the Bank.  In December 2008 the Board of the Bank approved the entrance of Belarus to the Bank.

The Bank’s authorized capital now exceeds US$1.5 billion.