DUSHANBE, July 14, 2016, Asia-Plus – The Eurasian Development Bank (EDB), as the Resources Manager of the Eurasian Fund for Stabilization and Development (EFSD), has announced the first competition for EFSD grants for the member states'' projects in the social sphere. Armenia, Kyrgyzstan and Tajikistan are invited to take part in the competition.

Grants will be provided to finance projects in education, healthcare, public governance, and social support and protection, including food security.

According to EDB, the total amount made available by the EFSD for grants in the first competition approximates US $10 million.  The amount of finance provided per project will be in the range between US $0.5 million to US $2 million for projects with an implementation period up to 1½ years, and between US $2 million and US $5 million for projects with an implementation period of 1½ years and more.

The deadline for applications is 30 September 2016 (inclusively).

The EurAsEC Anti-Crisis Fund (ACF) totaling US $8.513 billion was established by the governments of six countries: Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan. The ACF’s main goals are to help its member countries mitigate the negative effects of the global financial crisis, to ensure their long-term economic and financial stability, and to foster integration.

In June 2009, the ACF member states appointed the Eurasian Development Bank (EDB) the manager of the Fund.  As the ACF manager, EDB prepares and implements the Fund’s program.

In June 2015 ACF was renamed as the Eurasian Fund for Stabilization and Development (EFSD).  The Fund has been renamed because of the abolishment of the Eurasian Economic Community (EurAsEC) as a result of the establishment of the Eurasian Economic Union (EAEU).

The Fund has two instruments at its disposal: financial credits to support budgets, balances of payments, and national currencies; and investment credits for international projects.

In addition to financial and investment credits, it can provide grants to its member states.