On Monday, May 20, Minister of Finance of the Republic of Armenia Vahe Hovhannisyan received Executive Director of the Eurasian Fund for Stabilization and Development (EFSD) Andrey Shirokov.
According to the Ministry of Finance's press service, during the meeting, the parties discussed the construction of a 7 km tunnel in Kajaran as part of the North-South road corridor project and the financing of the reconstruction program for the existing Yerevan-Yeraskh-Goris-Meghri-state border of Armenia road.
The minister highly appreciated the fund's participation in this key project.
The meeting also covered details of various investment and grant programs implemented by the Fund, including technical assistance programs aimed at improving the quality of financial reporting in the public sector.
The parties emphasized the importance of a mid-term evaluation of the EFSD strategy implementation for 2022-2026 and the strategies of the member countries. They also agreed to schedule a detailed discussion by the end of May.
At the end of the meeting, an official ceremony was held to sign an agreement on the provision of a $100 million financial loan from the EFSD.
The Eurasian Fund for Stabilization and Development (EFSD) is a regional financial structure with funds exceeding $9 billion, established in 2009 by Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan.
The fund's goal is to promote the economic and financial stability of its member states, as well as their sustainable development. In Armenia, the Fund's portfolio includes several programs amounting to over $540 million.
