[January 14, 2006] Russia, Kazakhstan to set up Eurasian Development Bank Tweet (Interfax News Agency Via Thomson Dialog NewsEdge)MOSCOW. Jan 12 (Interfax) - Russia and Kazakhstan have reached an agreement on the establishment of the Eurasian Development Bank. Kazakh Finance Minister Arman Dunayev and Russian Industry and Energy Minister Viktor Khristenko signed a document in presence of Russian President Vladimir Putin and Kazakh President Nursultan Nazarbayev in Astana on Thursday, an Interfax correspondent reports. The documents presuppose capital investment of $1.5 billion, with Russia's pledging $1 billion of the total sum. The bank is released from paying duties, taxes and levies on the territories of member countries. The bank's goal is to assist in the sustainable development of the economies of member countries, to maintain high rates of economic growth, to enlarge mutual trade, to develop other forms of economic ties and to stimulate direct investments. [ Back To TMCnet.com's Homepage ]