On January 26, 2006, the Eurasian Economic Security Council (EAEC or EurAsSec) announced the inception of a new development bank that aims to improve economic issues for its member states. According to Vladimir Putin, the Eurasian Development Bank (EADB, or sometimes EDB) was proposed by Nursultan Nazarbaev in 2004, in order to create regional economic security. Kazakhstan's and Russia's legislature approved the treaty regarding the bank in the Spring of 2006. The bank opened in June of 2006, with branches in Almaty and St. Petersburg, and offices in Moscow and Astana. This week, the EADB will open an office in Dushanbe.
The bank is funded at USD 1.5 billion. USD 1 billion has been underwritten by the Russian Federation; the remaining 33% is underwritten by the Republic of Kazakhstan. Through increasing state membership, the EADB plans to increase its assets to USD 10 billion over the next few years; they can also raise money through global project finance avenues. The bank's purpose is to fund EAEC initiatives, particularly in energy distribution and power plant development, agricultural product and equipment distribution, the development of uranium mines in Kazakhstan, and in general to fund the initiatives proposed through EAEC member goals.
The EAEC was first organized in October of 2000. Members of the EAEC collective security organization include Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan, uniting to form a common customs regime, implement better currency coordination, and enhance border security. Uzbekistan acceded to the EAEC last year. Current observer states, welcomed in 2002 and 2003, include Armenia, Moldova, and Ukraine.
Eurasian Development Bank set to open June 1, 2006
Mr. Putin, Press Conference Following EAEC Inter-State Forum, January 25, 2006
EAEC Treaty, original signatories
A few months ago, I wrote about the early stages of the conflict in Ukraine through the lens of Sun Tzu’s The Art of War. While it appears likely that the war will carry on into the foreseeable future, enough time has passed for us to make an honest assessment of each side’s relative […]
The Ukrainian Army has made dramatic strides in the last few weeks. Ukraine’s tactical commanders have outfoxed their Russian counterparts, and by issuing a feint towards the south the UA has been able to earn substantial gains in the north of their country. The impact of these efforts have been compounded by the steady stream […]
In mid-May the Irish political party, Sinn Féin, won the plurality of seats in the Northern Ireland Assembly. Many American readers might not fully understand the significance of Sinn Féin’s political victory- but rest assured that subjects of the United Kingdom and a wide range of political movements the world over have heard the message […]
The first wave of the Russian offensive in Ukraine has fallen short of Russian autocrat Vladmir Putin’s ambitions. Most analysts deduced that Putin had hoped to achieve a decapitation strike of the Ukrainian government- taking Kiev and replacing Ukrainian President Vladimir Zolinski with a pro-Kremlin voice. Kiev has been threatened repeatedly through the course of […]
On the weekend of March 26th, the notorious MS-13 gang went on a massive killing spree in El Salvador which left more than 70 people dead by Sunday. Even for a country where powerful gangs hold massive sway, this recent tragedy stands out considering that it was the bloodiest day on record since the civil […]
