Investment portfolio of EDB to make $2.2bln in 2010

PanARMENIAN.Net - Chairman of the Eurasian Development Bank (EDB) Igor Finogenov stated that the bank investment portfolio increased in 2010 to make $2.2bln.

After his speech at the General Assembly in the UN headquarters, he noted that 2010 has been the most dynamic year in the history of the Eurasian Development Bank by growth in investments volume, as $1bln growth was recorded in the investment portfolio during the past 12 months, RIA Novosti reported.

According to the mid-term strategy of the bank for 2011-2013 approved last week, the EDB expects to increase the volume of its investment portfolio to $4.36bln by the end of 2013. Finogenov noted that the bank treats selection of investment projects in compliance with the task shouldered by it on assistance to deepening integration processes and on increase of competitiveness of the bank member states’ economies.

The EDB was founded on January 12, 2006 in Astana, Kazakhstan following the signing of the Agreement on Establishment of the Bank, which was then ratified by the Republic of Kazakhstan on April 12, 2006 and by the Russian Federation on June 3, 2006. The Bank's mission is to facilitate the development of market economies, economic growth and the expansion of trade and other economic ties in its member states by carrying out investment activities. Armenia, Belarus, Tajikistan have joined Kazakhstan and Russia as full members of the bank. Kyrgyzstan is in process of joining the bank as well.