OREANDA-NEWS. April 29, 2010. The Government of the Republic of Armenia and Eurasian Bank of Development signed an Agreement on terms of operation of the bank in Armenia. The document was signed by the Minister of Energy and Natural Resources of Armenia Armen Movsisyan and Bank Chairman Igor Finogenov, reported the press-centre of KASE.

The Agreement provides for favorable conditions for operation of the bank, and allows for enjoying immunities and privileges in Armenia, which obtained a status of full member with Eurasian Bank of Development in April 2009. The bank entered into corresponding agreements with other member states - Russia, Kazakhstan, and Tajikistan.

The bank signed a Memorandum on cooperation with the Armenian Ministry of Energy and Natural Resources and a few memorandums with largest companies, specifying forms and areas of business cooperation, including companies like ZAO Armrosgasprom, ZAO International energy corporation, ZAO South Caucasian Railroad, ZAO Armbiznesbank.

After signing the agreements a welcome reception was held in Yerevan on behalf of Bank Chairman. The reception was attended by Armenian state officials, ministers and heads of agencies, business people and diplomats.

The Agreement allows for the bank beginning active operations in the republic and simplifies access for companies to long-term investment resources.

Currently the bank investment portfolio is composed of 20 projects in Russia, Kazakhstan and Tajikistan and exceeds USD1.3 bn. Six more projects of USD780 m worth were approved with the bank.

As soon as Armenia had entered the membership the bank was actively engaged in consideration of investment projects in the republic. The priority remains with energetic, transportation, mining (in particular, ores), ferrous and non-ferrous metallurgy, agriculture and banking.

The bank is ready to implement significant investment projects in Armenia and has all required resources, potential and capacities to support potential borrowers when structuring projects. The bank is taking part in projects on conditions of economical efficiency, development potential, modernization competitiveness of the national economy, and further integration with other member states.