On the sidelines of the Government’s weekly sitting today, Deputy Prime Minister – Minister of Finance Yerulan Zhamabayev answered mass media’s questions in regards to the purchase of Russia's share in the Eurasian Development Bank's charter capital by Kazakhstan.
According to him, the agreement on transfer of Russia’s stake in the EDB will be ratified in 2023. In his words, Kazakhstan will pay close to 20 billion tenge (US$ 43,064,440), around 5 billion tenge (US$ 11 mln) per year, to Russia.
"Payments will start in 2024. We broke the payment down by 3-4 years, to prevent any burden on the national budget," he said.
On January 16, 2022, the EDB Council announced it had unanimously approved redistribution of the charter capital between the participating states on December 30, 2022.
321,151 shares of Russian portfolio will be equally distributed between other participating countries. As a result, Russia’s share in the EDB will decrease from 65.9761% to 44.7878%, while Kazakhstan’s share will increase from 33% to 37.2%, Kazinform reports.
The Eurasian Development Bank (EDB) is an international financial institution investing in the development of the economies, trade and other economic ties, and integration in Eurasian countries. The EDB was founded in 2006 and is headquartered in Almaty, Kazakhstan. The Bank has a branch in St. Petersburg and representative offices in Nur-Sultan, Bishkek, Dushanbe, Yerevan, Minsk, and Moscow.
The founding of the Eurasian Development Bank on 12 January 2006 was initiated by the Presidents of Russia and Kazakhstan.
Armenia and Tajikistan joined the EDB in 2009, Belarus in 2010, and the Kyrgyz Republic in 2011. In January 2013, the Organisation for Economic Cooperation and Development recognised the EDB as a multilateral financial institution.
