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Azerbaijan may become EDB member by 2017

by October 19, 2016 General

Baku, Azerbaijan, Oct. 19

By Anvar Mammadov – Trend:

Azerbaijan may become a member of the Eurasian Development Bank (EDB) by late 2017, said the Chairman of EDB’s Management Board Dmitry Pankin in an interview with Izvestia newspaper.

Pankin named 12 candidate countries which may become members of the organization by the end of 2017.

“These countries are Azerbaijan, Vietnam, Egypt, Israel, India, Indonesia, Iran, Mongolia, Singapore, Thailand, South Korea and Japan,” he said.

He added that bringing new shareholders will allow increasing the bank’s capital.

“With the bank’s current capital of $1.6 billion, investment portfolio of $2.1 billion and balance portfolio of $1.6 billion, reaching balance figures of $3 to $4 billion is completely normal and real,” said Pankin.

Eurasian Development Bank is an international financial institution founded by Russia and Kazakhstan in January 2006 with the mission of facilitating the development of market economies, sustainable economic growth and the expansion of mutual trade and other economic ties in its member states.

EDB’s authorized capital amounts to $7 billion. The member states of the bank are Belarus, Kazakhstan, Kyrgyzstan, Russia, Tajikistan and Armenia.

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