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EDB to raise $40m to finance its member states’ programs

MINSK, 21 December (BelTA) – The Eurasian Development Bank (EDB) will raise up to $40 million for the programs in the financial sectors of its participating states, BelTA learnt from the press center of the bank.

The EDB signed a bilateral loan agreement with one of the world’s largest financial conglomerates HSBC Bank plc. In line with the document, the EDB will receive a $40 million loan.

The funds will be used to finance dedicated credit lines the Eurasian Development Bank is going to open for financial institutions of its member states as part of the programs on small and medium-size business support, micro financing and energy saving as well as projects in the agro-industrial sector.

The Eurasian Development Bank is the international financial institution designed to encourage economic growth of its member states, facilitate trade relations between them and promote integration in the Eurasian region. The EDB’s authorized capital exceeds $1.5 billion. The bank’s member states are Russia, Kazakhstan, Belarus, Armenia and Tajikistan.