Kazakhstan increases share in Eurasian Development Bank

Kazakhstan's share in the authorised capital of the Eurasian Development Bank has increased to 37.3 per cent, Sputnik Kazakhstan reports with reference to the bank's press service.

When redistributing the authorized capital between the countries of the Eurasian Economic Union, Russia's share decreased from 66 per cent to 44.8 per cent, the report says.

"As a result, part of the Russian stake in the paid-up authorised capital is evenly redistributed among the other participating states. As a result, the share of Russia decreased from 66 per cent to 44.8 per cent, and the share of Kazakhstan increased from 33 per cent to 37.3 per cent," the press release says.

The press service also reported that the council was informed that on June 28, the decisions on the redistribution of the authorized capital between the participating states were fully implemented.

The head of the EDB Board, Nikolay Podguzov, noted that in 2022 the bank strengthened its role as a leading development institution in the Eurasian space, which is confirmed by a significant increase in investments in its projects.

The accumulated investment portfolio reached $ 13.4 billion with the signing of new projects worth $ 2.5 billion, which was a record figure and significantly exceeded plans for the reported period, the bank's press service added. The total number of the bank's projects aimed at improving the standard of living of citizens of the participating countries has reached 273.