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Eurasian Development Bank needs capital boost to deepen integration, says сhairman

The loan portfolio currently amounts to $3 bln

MOSCOW, October 17. /TASS/. The Eurasian Development Bank (EDB) needs recapitalization for deepening integration processes in the Eurasian Economic Union (EAEU), Chairman of EDB’s management board Andrey Beliyaninov said Wednesday.

"The (EDB’s - TASS) own capital is currently $1.7 bln, while the loan portfolio is $3 bln. That is indeed a small portfolio for developing serious integration processes. I am confident that the government will support my suggestion that it is necessary to recapitalize such development institutions to make them active on the market," he explained.

Russia’s First Deputy Prime Minister, Finance Minister Anton Siluanov said earlier that the funds of the National Wealth Fund (NWF) should be used on developing domestic lending for infrastructure projects and supporting development institutions. The government plans to reach the NWF investment threshold of 7% of GDP next year. Earlier reports said that the Finance Ministry expects the National Welfare Fund to grow up to 7.8 trillion rubles ($117 bln) in 2019, 11.37 trillion rubles ($170 bln) in 2020, and 14.18 trillion rubles ($212 bln) in 2021.