Deputy Prime Minister of Belarus Andrei Kobyakov has been appointed Representative of Belarus in the Council of the Eurasian Development Bank (EDB). The relevant decision is contained in Council of Ministers Resolution No 1121 of July 28, 2010.

Economy Minister Nikolai Snopkov has been assigned as Deputy Plenipotentiary Representative of the Republic of Belarus in the EDB Council.

In line with the document, the Finance Ministry has been defined as Belarus’ official body to discuss all the issues with the Eurasian Development Bank within the charter approved by the EDB Treaty signed on 12 January 2006.

The Eurasian Development Bank is an international financial organization founded by Russia and Kazakhstan in January 2006 in order to foster the economic growth and mutual trade and economic relations. The Bank’s authorized capital exceeds $1.5 billion.

In June 2010 Belarus completed all the procedures necessary for membership in this international financial organization. Belarus transferred its $15 million share into the authorized capital of the bank. The country became the fifth member of the Eurasian Development Bank alongside Russia, Kazakhstan, Armenia and Tajikistan.

On 17 June 2010 Belarus and EDB signed an agreement on the terms of the bank’s presence in the country, defined the immunities and privileges of the bank as an international financial organization.

The agreement provides for opening the bank’s representative office in Minsk as well as the development of investment projects in the country.

According to the founding documents, any country or international organization can apply for the EDB membership, as long as the bank’s criteria are met. Successful applicants become members following a decision of the EDB Council and after having paid in a required share capital.

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