The Eurasian Fund for Stabilization and Development will
open its headquarters in Astana. The relevant protocol was ratified by the
Senate, the Upper House of the Kazakh Parliament. The Fund aims to promote the economic
and financial stability of its member states, which include Kazakhstan, Russia,
the Kyrgyz Republic, Tajikistan, Armenia, and Belarus. The main donors will be
Kazakhstan and Russia, with a total contribution of $8 billion. Notably,
national currencies are expected to be used for the implementation of projects
and programs.
«The maintenance of the headquarters will be funded by the
resources of the Fund; no additional financing from Kazakhstan’s state budget
is required. The protocol introduces the following amendments to the agreement
on the establishment of the Fund: the transformation of the Fund into an
independent subject of international law, with the aim of separating it from
the Eurasian Development Bank, which currently manages the Fund’s resources,
due to the difference in their missions,» said Sergey Karplyuk, member of the Senate,
the Upper House of the Kazakh Parliament.
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