OREANDA-NEWS. September 19, 2011. Eurasian Development Bank (EDB) signed an agreement with the government of the Kyrgyz Republic on conditions of the bank's presence in that country. Melis Mambetzhanov, Minister of Finance, on behalf of the Kyrgyz Republic and Igor Finogenov, EDB's CEO, on the part of Eurasian Development Bank, signed the document, reported the press-centre of KASE.

When signing the document, the parties pursued EDB's articles of incorporation of January 12, 2006 and the need for creating favourable environment for EDB in the Kyrgyz Republic, as well as defining its status, immunity, preferences and benefits.

In accordance with the agreement signed, EDB, being an international institution, is subject to international laws, it has international legal capacity and enjoys legal entity's rights in the Kyrgyz Republic.

The agreement on EDB's terms of presence in Kyrgyzstan should allow the bank to establish its representative office in Bishkek and actively embark on investment opportunities in the republic. The agreement is now due to be sent up to the country's parliament for ratification.

On  August 26 this year the Kyrgyz Republic paid up its shares in EDB's registered capital. Thus, the country has completed all formalities necessary for joining EDB and become the sixth fully-fledged member of the bank.

"Kyrgyzstan's joining EDB will have an important economic effect for the country. Gaining access to EDB funds and utilizing the bank's experience in implementing project in other countries, the country will be able to tap on major investment projects supposed to diversify and strengthen the stability of its economy, said EDB's CEO Igor Finogenov. - EDB currently considers options for its participation in a row of projects important to Kyrgyzstan, and aimed at the stable development of its economy, eventually kneading to more economic co-operation between EDB's members".