EDB to manage EurAsEC Anti-Crisis Fund
08:50, 21 July 2009
SAINT PETERSBURG. July 21. KAZINFORM /Yelena Myagkova/ The Council of Federation approved the Federal Law "On ratification of the Treaty on establishment of the Anti-Crisis Fund of the Eurasian Economic Community and the Agreement on financial management of the EurAsEC Anti-Crisis Fund".
As the press service of the Council of Federation informs the resources of the Anti-Crisis Fund will be used for granting loans, stabilization credits for maintaining economy of the member countries and realization of inter-state investment projects on reward, maturity and repayment basis.
Russia's share in the Fund will make USD 7.5 bln. The other largest participant is Kazakhstan which will give USD 1 bln.
The Fund will be managed by the Eurasian Development Bank.
In addition, the Fund will become an efficient tool of Russia's foreign policy due its large contribution