OREANDA-NEWS. June 10, 2010. The Council of the Eurasian Development Вank held its regular meeting in Almaty. The meeting was attended by Russian Minister of Industry and Trade Victor Khristenco (Council Chairman), Kazakhstan Finance Minister Bolat Zhamishev and Prime-Minister Deputy, Minister of Industry and New Technologies Aset Isekeshev, Armenian Minister of Energy and Natural Resources Josef Isayan, Tajikistan Finance Minister Safaralli Nadjmittdinov, reported the press-centre of KASE.

The Council heard and approved Y2009 annual report of the bank management, and the annual balance and profit and loss account with an auditor's opinion of Deloitte LLP. The Council approved the offer of the management board on distribution of Y2009 profit and build of the reserve fund.

"Assets increased in the reporting period almost 25 % to USD2.495 bn, - EDB Chairman Igor Finogenov said. - Bank capital increased in Y2009 from USD1.531 bn to USD1.634 bn. EDB ended Y2009 with positive financial standings - net income reached USD39.8 m".

The Council considered the report of the management board on project activity in Y2009. EDB investment portfolio grew 10.45% and reached USD1.3 bn. Bank projects are expected to potentially generate USD461.5 m trade flows annually. Besides, the bank-implemented projects will bring growth in mutual investment of member states for a total of USD300 m.

The EDB Council considered the implementation of the Y2009 Program on securing operation of the bank amidst the financial crisis, and approved amendments to the Strategy and EDB Development Plan YY2008-2010. According to Igor FInogenov, "at the end of Y2010 the investment portfolio will reach USD2.1 bn".

The Council considered election of the Bank Council Chairman and Bank Management Chairman. Victor Khristenco was re-elected as the Council Chairman, Bolat Zhamishev was elected Deputy Chairman of the Council. Igor Finogenov was re-elected as EDB Management Board Chairman for another four-year term.