Kazakhstan confirms interest in buying Russia's stake in Eurasian Development Bank

Kazakhstan's Finance Minister Yerulan Zhamaubayev has said that the country is interested in acquiring part of the Russian stake in the Eurasian Development Bank (EDB).

"In general, there is such rhetoric, we do not deny it. This is really discussed in a working environment. But there is no final decision yet because everything depends on what share will be offered," TASS reports citing Zhamaubayev.

According to him, it will now be determined whether other countries are ready to purchase a share, whether Kazakhstan needs it, and how much it will all cost.

He added that the EDB is now working stably, while the sanctions have not affected the bank in any way. Now Kazakhstan has 36 per cent of the bank's total portfolio. Russia owns 39 per cent, and Belarus - 23 per cent.

The EDB is an international financial organisation that aims to promote the economic growth of the member states of this structure. In addition to Russia, these are Armenia, Belarus, Kazakhstan, Kyrgyzstan and Tajikistan.

On August 9, Bloomberg, citing sources, reported that Russia plans to give up a controlling stake in the EDB. It is clarified that Moscow intends to jointly with Minsk to reduce the share in the authorised capital to 50 per cent. Kazakhstan may become a new holder of shares.