EDB transfers EFSD's $500m loan to Belarus

The Eurasian Development Bank (EDB), which manages the Eurasian Fund for Stabilization and Development (EFSD), has transferred $500 million from the Fund's resources to Belarus, BelTA learned from the EFSD.

The funds are granted for up to 10 years, the grace period is up to 5 years at a floating interest rate (defined as the average yield of Russian eurobonds denominated in U.S. dollars with a maturity period of 7 years). The financial loan from the EFSD funds is aimed at supporting the budget of Belarus amid the negative consequences of the COVID-19 pandemic.

The Eurasian Development Bank (EDB) is an international financial institution founded by Russia and Kazakhstan in January 2006 with the aim of promoting the development of market economies in member states, their sustainable economic growth and the expansion of mutual trade and economic ties. The EDB's authorized capital is $7 billion. The member states of the Bank are Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia and Tajikistan.