Russia plans to give up its majority stake in the Eurasian Development Bank (EDB). Bloomberg reports, citing its own sources.
It is noted that this can be done to reduce the risk of sanctions against the EDB. The credit institution has not yet suffered from the imposed restrictions.
To date, the Russian Federation holds 65.97 percent of the bank’s shares. It wants to reduce its combined stake with Belarus to less than half of the development institution. These plans have not yet been disclosed. If they are implemented, Kazakhstan may end up as controlling shareholder of the bank. Currently, Kazakhstan has 32.99 percent stake in Eurasian Development Bank, Belarus owns about 1 percent and Tajikistan, Armenia and Kyrgyzstan own the remainder.
The press service of the Eurasian Development Bank does not comment on the topic, as well as the Ministries of Finance of Russia and Kazakhstan.
The Eurasian Development Bank is an international financial organization that carries out investment activities in the Eurasian space. For 15 years, the EDB has been helping to strengthen and expand economic ties and comprehensive development of its member countries: Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia and Tajikistan. The authorized capital of the EDB is $7 billion. The main share in the EDB portfolio are projects with an integration effect in the areas of transport infrastructure, digital systems, green energy, agriculture, industry and engineering.
