Belarus to contribute $15mn to Eurasian development bank

The Council of the Republic, the upper chamber of the National Assembly of Belarus, has cleared Belarus to join the Eurasian Development Bank as minority share-holder. Belarus will buy 1 percent or 15,000 shares, worth $15 million, reports Interfax. The Eurasian development Bank (EDB) is an international financial organization, founded by the governments of Russia and Kazakhstan at the initiative of the presidents from these two nations. EDB's founding capital is estimated at $1.5 billion. The bank is based in Almaty.