Eurasian Development Bank may admit Vietnam by end of 2017

In his interview granted to Russia’s newspaper, Pankin affirmed the EDB, managed by the Eurasian Economic Union (EAEU), hopes to have the decision on expanding its membership by the end of 2017 and if the consensus is reached later this year, official procedures for admitting new members can be completed in early 2008. 

Vietnam is one of the 12 countries expressing wish to join the EDB along with Azerbaijan, Egypt, Israel, India, Indonesia, Iran, Mongolia, Singapore, Thailand, the Republic of Korea and Japan. 

According to Pankin, potential shareholders must have big trade and investment relationships with EAEU member countries and conducts negotiations. Vietnam and Iran have completed these technical steps. 

 The EDB is an international financial organisation founded by Russia and Kazakhstan in January 2006 with a charter capital of 7 billion USD. Other shareholders include Armenia, Belarus, Kyrgyzstan and Tajikistan.