The Eurasian Development Bank (EDB) and the Asian Development Bank (ADB) have signed a framework co-financing agreement to invest in projects in Armenia, Kazakhstan, Kyrgyzstan and Tajikistan. The EDB has committed US$1bn and the ADB US$2bn until 2021.

The banks also signed a protocol on joint additional co-finance for the investment programme to build the north–south road corridor in Armenia. The EDB has earmarked an investment of US$320mn for the project, adding to the US$150mn it has already provided, if it receives the respective application from the Armenian government. The ADB will assist the EDB and invest in the preparation of the project’s feasibility study.

The funds will be allocated from the Eurasian Fund for Stabilisation and Development, managed by the EDB’s six member countries: Russia, Kazakhstan, Armenia, Tajikistan, Belarus and Kyrgyzstan.