On ratification of the Protocol on Amendments to the Treaty on the Establishment of the Eurasian Fund for Stabilization and Development dated June 9, 2009

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The Law of the Republic of Kazakhstan dated June 24, 2025 No. 197-VIII SAM.

To ratify the Protocol on Amendments to the Treaty on the Establishment of the Eurasian Fund for Stabilization and Development dated June 9, 2009, signed in Astana on June 26, 2024.

President of the Republic of Kazakhstan K. TOKAEV

Protocolon Amendments to the Agreement on the Establishment of the Eurasian Fund for Stabilization and Development dated June 9, 2009 The Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, the Republic of Tajikistan and the Republic of Armenia, which are the founding States of the Eurasian Fund for Stabilization and Development, hereinafter referred to as the Parties,

in accordance with article 6 of the Agreement on the Establishment of the Eurasian Fund for Stabilization and Development dated June 9, 2009, as amended by the Protocol on Amendments to the Agreement on the Establishment of the Anti-Crisis Fund of the Eurasian Economic Community on June 15, 2015 (hereinafter referred to as the Agreement)

have agreed on the following:

Article 1 Make the following changes to the Agreement:

1) in the text, replace the words "Regulations on the Fund" in the appropriate case with the words "Charter of the Fund" in the appropriate case;

2) in the first paragraph of Article 1, the words "overcoming the negative consequences of the global financial and economic crisis by national economies, ensuring their economic and financial stability, as well as in order to further deepen the integration of the economies of the Fund's member States" should be replaced by the words "promoting economic and financial stability in the Fund's member States, as well as supporting their sustainable development";

3) add the words "and an integral part of this Agreement" to the second paragraph of Article 1;

4) Articles 2, 3 and 4 should be deleted;

5) the first paragraph of Article 5 should be worded as follows:

"After its entry into force, this Treaty is open for accession by other States, provided that they comply with the requirements and procedures provided for in the Foundation's Charter.";

6) in the second paragraph of Article 5, the words "and international organizations" should be deleted;

7) the second paragraph of Article 7 should be worded as follows:

"Disagreements related to the interpretation of the provisions of this Agreement are resolved through consultations and negotiations between the member States of the Fund. Disputes related to the application of this Agreement and arising in the course of the Fund's activities are resolved in accordance with the Fund's Charter.";

8) the Annex to the Treaty "Regulations on the Eurasian Fund for Stabilization and Development" should be replaced by the Annex "Charter of the Eurasian Fund for Stabilization and Development", as amended, attached to this Protocol.

Article 2 1. The Eurasian Fund for Stabilization and Development (hereinafter referred to as EFSD) is the full legal successor of the rights, obligations, assets and other property assumed or acquired by the Eurasian Development Bank (hereinafter referred to as the Manager) when acting as the manager of EFSD funds on the basis of the Agreement on the Management of Funds of the Eurasian Fund for Stabilization and Development dated June 9, 2009 between the states - the founders of the Anti-Crisis Fund of the Eurasian Economic Community and the Eurasian Development Bank, as amended by the Protocol on Amendments to the Agreement on the Management of Funds of the Anti-Crisis Fund of the Eurasian Economic Community dated June 15, 2015 (hereinafter referred to as the Management Agreement).

2. After the entry into force of this Protocol, the Chairman of the Board of Governors shall send to the Governor a notification of the intention to terminate the Management Agreement in accordance with paragraph 7 of Article 9 of the Management Agreement.

3. The transfer of funds and assets in accordance with paragraph 1 of this Article shall be formalized by signing a transfer act between the EFSD and the Manager on the transfer of rights, obligations, assets and other property, including archives and documents formed by the Manager in the framework of the Management Agreement.

4. After signing the transfer act in accordance with paragraph 3 of this Article, the Chairman of the Board of Governors shall send a notification to the depositary of the Management Agreement on the date of termination in accordance with paragraph 7 of Article 9 of the Management Agreement.

Article 3 1. This Protocol shall be provisionally applied by the Parties 30 days after the date of signature, with the exception of the Party that has made a reservation not to apply this provision to it. No other reservations to this Protocol are permitted.

2. This Protocol shall enter into force on the date of receipt by the depositary of the last written notification that the signatory Parties have completed the internal procedures necessary for its entry into force.

3. Issues related to the interpretation and/or application of this Protocol shall be resolved in accordance with article 7 of the Treaty.

4. The functions of the depositary of this Protocol shall be performed by the Ministry of Foreign Affairs of the Russian Federation.

Done on June 26, 2024 in Astana in one original copy in Russian.

The original copy of this Protocol shall be kept at the Ministry of Foreign Affairs of the Russian Federation, which will send each Signatory Party a certified copy thereof.

For the Republic

Belarus

For the Republic

Kazakhstan

For Kyrgyz

The Republic

For the Russian

The Federation

For the Republic

Tadjikistan

For the Republic

Armenia

Download applicationto the Protocol onAmendments to the Treatyon the Establishment of the EurasianFund for Stabilization and Developmentdated June 26, 2024 "THE APPLICATIONto the Establishment AgreementEurasian Fundfor Stabilization and Developmentdated June 9, 2009(as amended by the Protocolof June 26, 2024)THE CHARTEREurasian Fund for Stabilization and Development This Charter is an integral part of the Agreement on the Establishment of the Eurasian Fund for Stabilization and Development dated June 9, 2009 (hereinafter referred to as the Agreement).

Chapter 1. Objectives, functions and participants of the Eurasian Fund for Stabilization and DevelopmentArticle 1. General provisions 1. The Eurasian Fund for Stabilization and Development (hereinafter referred to as the Fund, EFSD) is an international financial organization subject to international law, organizes and carries out its activities in accordance with the Treaty and this Charter.

2. The EFSD carries out its activities without prejudice to the sovereignty of the Fund's member States in matters of managing their own national economies. The EFSD ensures fair treatment of each member State of the Fund on the basis of an Agreement, this Charter and documents approved by the governing bodies of the EFSD.

3. In carrying out its activities, the EFSD is guided by generally recognized principles and norms of international law and applicable international treaties. The Agreement and the present Charter. To ensure the performance of its functions, the EFSD may conclude agreements with the Governments of the Fund's member States on the conditions of the EFSD's stay in their territories, as well as agreements with central (national) banks and other authorized bodies of the Fund's member States. The provisions of the legislation of the Fund's member States, which establish the procedure for the establishment, licensing, regulation and termination of organizations, do not apply to the EFSD.

4. Full name of the EFSR:

in Russian, the Eurasian Fund for Stabilization and Development;

in English, "Eurasian Fund for Stabilization and Development".

5. Short name of the EFSD:

in Russian, "EFSR";

in English, "EFSD".

6. The headquarters of the EFSD is located in Astana, the Republic of Kazakhstan.

7. The EFSD may open representative offices in the Fund's member States by decision of the Board of Governors.

Article 2. Objectives and functions 1. The EFSD was established to promote economic and financial stability in the Fund's member States, as well as to support their sustainable development.

2. In order to achieve its goals, the EFSD performs the following functions::

1) accumulates funds, including those received in the form of capital contributions;

2) manages the accumulated funds;

3) manages funds formed for the purposes of the EFSD by the Fund's member States, as well as by States not participating in the Treaty, and other organizations;

4) provides consulting and analytical services;

5) interacts with authorities, international and other organizations, national institutions and business entities of the Fund's member States and other countries in such a form as the EFSD deems most acceptable and appropriate to achieve its goals.;

6) carries out other types of activities and provides other services that do not contradict the objectives of the EFSD defined by the Treaty and the present Charter, bilateral agreements concluded by the EFSD with the member States of the Fund.

3. The EFSD must not take over funds, receive loans or other forms of assistance that may in any way limit the implementation of the goals and functions of the EFSD, lead to deviations from them or otherwise change them.

Article 3. The founders and participants of the EFSR 1. The founders of the EFSR are the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, the Republic of Tajikistan and the Republic of Armenia (hereinafter referred to as the founding States of the EFSR).

2. The founding States of the EFSR are its participants.

3. The Foundation is open to the participation of other States that share the goals of the EFSD foundation.

4. A State wishing to join the Foundation shall submit to the Board of Governors an official statement indicating that it shares the objectives of the EFSD establishment and joins the Treaty in accordance with Article 5 of the Treaty.

A State admitted to the Fund becomes a member of the EFSD on the basis of a decision of the Board of Governors adopted in accordance with this Charter, after joining the Agreement and paying a contribution in accordance with the procedure established by the Board of Governors.

A duly certified copy of the decision of the Board of Governors on admission to the Fund of the new State is sent to this State and the depositary of the Agreement. From the date of receipt by the depositary of the said document, together with the document of accession, the new State is considered to have acceded to the Treaty and accepted as a member of the Fund, about which the depositary notifies the other member States of the Fund and the Fund.

Chapter 2. EFSD ResourcesArticle 4. Resources of the Fund For the purposes of this Charter, the resources of the EFSD are:

1) Contributions from the Fund's Member States;

2) proceeds from the provision of financing from EFSD resources;

3) proceeds from the placement (investment) of temporarily available funds of the EFSD;

4) donations to the EFSD;

5) any other funds received by the EFSR in the framework of its activities, with the exception of funds from special funds transferred to the EFSR administration in accordance with this Charter.

Article 5. Donations to the Foundation 1. By decision of the Board of Governors, the EFSD accepts, free of charge and irrevocably, monetary funds (donations) from any State participating in the Fund, an interested state or organization for their use for the purposes of the Fund.

2. Making a donation to the EFSD means that the donor agrees to use these funds in accordance with the policies, rules and procedures of the EFSD.

3. A donor who is not a member State of the Foundation does not become a member of the Foundation and does not participate in the management of EFSD funds.

4. Funds contributed to the EFSD as donations and income received from the placement (investment) and provision of these funds shall not be taken into account when determining the share of the Fund's participating State and shall not be paid to the Fund's participating State, which has declared its withdrawal from the Fund's participating States prior to the termination of the Fund's operations.

Article 6. Reserve and other funds 1. The Board of Governors forms:

1) reserve fund due to deductions from the Fund's profits;

2) other funds, if necessary.

2. The EFSD may, by decision of the Board of Governors, form funds and manage their funds, including special funds placed in trust, provided that such funds comply with the objectives and functions of the EFSD. All expenses related to the management of special funds are carried out at the expense of these funds.

Article 7. Placement (investment) of temporarily available funds Placement (investment) of temporarily available funds is carried out in accordance with the procedure approved by the Board of Governors.

Chapter 3. CapitalArticle 8. Capital of the EFSR 1. The capital of the EFSR consists of the initial contributions of the founding States of the EFSR, the total amount of contributions paid or payable by each member State of the EFSR in the framework of obligations assumed in accordance with their participation in the EFSR (hereinafter referred to as the contribution).

2. Contributions to the capital of the EFSD:

1) they are denominated in a settlement unit (hereinafter referred to as the EFSD Settlement Unit) or in another currency by decision of the Board of Governors. For the purposes of accounting for contributions, it is assumed that 100 percent of the structure of one EFSD Unit of Account is 1 US dollar. The structure of the EFSD Unit of Account, its cost and the calculation procedure are reviewed and approved by the decision of the Board of Governors.;

2) are paid by decision of the Board of Governors:

in the national currencies of the founding states of the EFSR, US dollars, euros or other currencies;

by issuing simple non-negotiable and interest-free promissory notes in the national currencies of the founding States of the EFSR, US dollars, euros or other currencies, redeemable at face value on demand. The EFSD makes such demands as necessary by decision of the Board of Governors.

3. The amount of initial contributions from the founding States of the EFSD is:

1) The Republic of Armenia - the equivalent of 1 million US dollars, of which:

100 thousand US dollars paid in cash;

900 thousand US dollars were deposited in the form of a simple non-revolving and interest-free promissory note, fully repaid;

2) The Republic of Belarus - the equivalent of 10 million US dollars, of which:

1 million US dollars was paid in cash;

9 million US dollars were deposited in the form of a simple non-revolving and interest-free promissory note, partially repaid for 1 million US dollars;

3) The Republic of Kazakhstan - the equivalent of 1 billion US dollars, of which:

100 million US dollars paid in cash;

900 million US dollars were deposited in the form of a simple non-revolving and interest-free promissory note, partially repaid for 396 million 800 thousand US dollars;

4) The Kyrgyz Republic - the equivalent of 1 million US dollars, of which:

100 thousand US dollars paid in cash;

900 thousand US dollars were deposited in the form of a simple non-revolving and interest-free promissory note, partially repaid for 100 thousand US dollars;

5) The Russian Federation - the equivalent of 7.5 billion US dollars, of which:

USD 750 million was paid in cash;

6 billion. USD 750 million was deposited in the form of a simple non-revolving and interest-free promissory note, partially repaid for USD 1 billion 808 million.;

6) The Republic of Tajikistan - the equivalent of 1 million US dollars, of which:

100 thousand US dollars paid in cash;

900 thousand US dollars were deposited in the form of a simple non-revolving and interest-free bill, fully repaid.

4. The shares of the Fund's member States in the EFSR, as well as the rights of the Fund's member States in the EFSR, may not be subject to collateral or other encumbrances, they may not be seized or forcibly arrested and may not be transferred to anyone. The EFSD is not responsible for the obligations of the Fund's member States.

Article 9. Capital change 1. The capital of the EFSR is subject to increase upon the entry of a new state into the Fund. The amount, procedure and timing of the initial contribution of the new member State of the Fund to the capital of the EFSD are determined by the Board of Governors in consultation with the relevant new member State of the Fund.

2. The minimum amount of the initial contribution to the EFSD, unless this amount is changed by the Board of Governors, is the equivalent of 1 million. Accounting units of the EFSR.

3. Any member State of the Fund has the right at any time to submit proposals to the Board of Governors regarding an increase in the total amount of its own contribution to the EFSD. The procedure and conditions for the increase, including the payment currency and the procedure for determining it to the EFSD Unit of Account, are subject to approval by the Board of Governors. The increase in the contribution of the Fund's member State, as well as the rights and obligations of the Fund's member State in connection with such an increase, are carried out in accordance with the internal regulatory documents of the EFSD.

4. The capital of the EFSD may be increased by a decision of the Board of Governors by making additional contributions by additional subscription by the Member States of the Fund in accordance with the procedure established by this Charter.

5. In case of capital increase by additional subscription, each member State of the Fund has a preferential right to additional subscription for an additional contribution to the capital of the EFSD in an amount proportional to its share in the capital immediately prior to the increase.

The Fund's member States are not required to participate in an additional subscription. In the event of a complete or partial waiver by any of them of the pre-emptive right to additional subscription, the distribution of a portion of the declared capital from the subscription that the Fund's member State has waived is carried out by decision of the Board of Governors by redistributing (increasing the subscription amount) to one or more member States of the Fund at their request or in any other way provided for by the decision of the Board managers. In case of waiver of this right by the member States of the Fund, the Board of Governors decides to reduce the amount of the additional contribution under the additional subscription.

6. The following provisions apply to capital contributions:

1) at the time of the decision on the contribution, the Fund's participating State shall notify the Board of Governors of the currency of payment, taking into account the provisions of subparagraph 2 of paragraph 2 of Article 8 of this Statute.;

2) each contribution of a member State of the Fund must amount to an amount that the Board of Governors determines to be equivalent to the amount of the paid contribution expressed in the Unit of Account of the EFSD;

3) if the value of the deposited currencies, expressed in Units of Account of the EFSR, has decreased, the Fund's member State that contributed such currencies to the capital of the EFSR shall pay the EFSR an additional amount in such currencies necessary to maintain the value of all contributions of the Fund's member State in these currencies to the capital of the EFSR, in accordance with the procedure approved by the Council managers;

4) if the value of the deposited currencies, expressed in Units of Account of the EFSR, has increased, the EFSR shall pay to the Fund's participating State that contributed such currencies to the capital of the EFSR the amount in such currencies necessary to adjust the value of all contributions in these currencies to the capital of the EFSR, in accordance with the procedure approved by the Board of Governors;

5) The EFSD may waive its rights to receive payments in accordance with subparagraph 3 of this paragraph, and the Fund's participating State may waive its rights to receive payments in accordance with subparagraph 4 of this paragraph in accordance with the procedure approved by the Board of Governors.;

6) The EFSD may accept from any member State of the Fund simple non-revolving and interest-free promissory notes issued by the Government of that Member State of the Fund as payment in currencies in accordance with subparagraph 3 of this paragraph, provided that these funds are not required by the EFSD to carry out the operational activities of the Fund. The EFSD may transfer to a member State of the Fund simple non-revolving and interest—free promissory notes issued by the Government of that Member State of the Fund as payment in such currencies in accordance with subparagraph 4 of this paragraph.

7. The Board of Governors reviews the amount of contributions from the Fund's member States at least once every 5 years. All member States of the Fund should have an equal opportunity to contribute to the capital of the EFSD under the conditions established by the Board of Governors.

8. Contributions to the EFSD may not be conditional on any direction of their use, the recipient of the EFSD funds, or the EFSD project, unless otherwise decided by the Board of Governors.

Chapter 4. Operational activities of the EFSDArticle 10. EFSD's operational activities 1. The EFSR carries out its activities in accordance with the Agreement and the present Charter. In order to achieve its goals, EFSD is authorized to carry out the following operational activities (hereinafter referred to as Operational Activities):

1) providing financial resources to the Fund's member States on a reimbursable basis;

2) provision of financial resources from funds formed in accordance with Article 6 of this Charter, including on a gratuitous basis;

3) provision of consulting and analytical services corresponding to the goals and functions of the EFSD for the Fund's member States and States not participating in the Fund;

4) performing other operations by decision of the Board of Governors, which correspond to the purposes and functions provided for in the Agreement and this Charter.

2. The EFSD monitors the economic and financial stability of the Fund's member States. Each member State of the Fund provides the Fund with information, the list of which is approved by the Board of Governors, and the EFSD conducts regular consultations in agreement with the Fund's member State.

3. The resources and funds of the EFSD are used exclusively for Operational Activities with the sovereign Member States of the Fund, with the exception of the Operational Activities specified in subparagraph 3 of paragraph 1 of this Article. In this case, the issue of providing consulting and analytical services to a sovereign State that is not a member State of the Fund is submitted to the Board of Governors for decision.

4. EFSD's activities should be carried out in compliance with the principles of transparency, sound financial management and risk management.

5. EFSD provides financial resources for the implementation of the Operational Activities specified in subitems 1 and 2 of paragraph 1 of this Article, on the terms determined by the Board of Governors. At the same time, the EFSD does not impose any conditions for financial resources to be used by recipient States on the territory of any particular Fund member State or Fund member States.

6. The EFSD unit of account may be used in the Operational Activities specified in this article, subject to conditions determined by the Board of Governors.

7. The EFSD ensures the targeted use of proceeds from any Operational Activities carried out for the benefit of the Fund's member States.

8. The EFSD enters into transactions for the purchase and sale of currencies, as well as rights (claims) denominated in foreign currency.

9. The EFSD does not raise funds on the international and national financial markets and does not participate in the capital of organizations.

10. The Board of Governors, the Board of Directors, the Managing Director and the Management Board (hereinafter referred to as the EFSD Management Bodies) ensure the adoption of documents regulating standards, principles and procedures for Operating Activities. EFSD ensures that its Operational Activities comply with EFSD documents approved by the relevant EFSD Management Bodies.

11. The Foundation strives to comply with the best international practices in the field of corporate social responsibility in its activities.

12. The EFSD is committed to the principles of sustainable development and pays due attention to the environmental and social assessment of the financed operations specified in paragraph 1 of this article. The EFSR does not accept and prohibits the use of child labor in industries funded by funds received from the EFSR, does not directly or indirectly finance the production of tobacco and alcohol products, the development, production, repair and maintenance of military equipment and dual-use products, as well as industries that cause significant harm to the environment, health and safety of the population..

Article 11. Loss coverage 1. In case of overdue debts or non-fulfillment of obligations to the EFSD for the provided financial resources, the EFSD shall take the necessary actions to cover possible losses.

2. Losses on EFSD operations include:

1) primarily on net profit;

2) secondarily for the reserve fund and retained earnings;

3) in the third row for capital.

Chapter 5. Organization and managementArticle 12. The structure of the EFSD governing bodies 1. The EFSD is managed by the Board of Governors, the Board of Directors, the Managing Director and the Management Board.

2. The governing bodies of the EFSR, within the limits of their powers, may adopt any policies, regulations, rules and procedures to ensure the activities of the EFSR, as well as establish any subsidiary bodies (committees and commissions) that are not Governing Bodies of the EFSR.

Article 13. General provisions on the Board of Governors 1. The supreme governing body of the EFSD is the Board of Governors.

2. The Board of Governors performs its duties as a body whose members are not permanently located at the headquarters of the EFSD.

3. Each Member State of the Fund has the right to be represented on the Board of Governors. The Board of Governors consists of one Governor and one deputy Governor from each member State of the Fund.

4. The Governor of the Fund's member State in the Board of Governors is the Minister of Finance (head of the authorized body in the field of public finance management) of this Fund's member State. Each manager appoints his own deputy (and officially informs the EFSD about this). In the absence of a governor from a member State of the Fund at a meeting of the Board of Governors, his deputy is authorized to act on behalf of the governor, including to participate in voting.

5. The Board of Governors annually elects one of the governors from the Fund's member State as Chairman of the Board of Governors, who performs his duties until the election of the next Chairman of the Board of Governors.

6. The Governor votes in the Board of Governors on behalf of the member State of the Fund, which he represents. The Deputy Governor votes on behalf of the Fund's member State only in the absence of the Governor.

7. For the purposes of voting in the Board of Governors, each member State of the Fund is allocated one vote for every full 100 thousand. Units of account of the EFSR in the amount of the monetary contribution of the Fund's member State to the capital of the EFSR. Unpaid bills of exchange are not taken into account when determining the contribution amount for calculating the number of votes of the Fund's member State on the Board of Governors.

8. Decisions of the Board of Governors on all matters shall be taken by a simple majority of the votes cast, unless otherwise provided by these Articles of Association.

9. Decisions on the issues specified in paragraph 2 of Article 14 of this Charter shall be taken in the presence of votes representing 90 percent of the amount of contributions made to the capital by the participating States of the Fund, and subject to the provisions of paragraph 7 of this Article. When making a decision to suspend participation in the EFSD, the votes of the Fund's participating State, whose decision to suspend participation is being taken, are not taken into account when determining the voting results.

10. The Board of Governors holds meetings at its discretion, but at least twice a year, which are convened by the Chairman of the Board of Governors. The Board of Directors and the Managing Director may submit to the Chairman of the Board of Governors a proposal to convene a meeting of the Board of Governors.

11. The Board of Governors has the right to make decisions by means of a written absentee survey of the governors (absentee voting).

12. A meeting of the Board of Governors is valid if there are governors representing at least 90 percent of the votes cast by the Board of Governors.

13. At the first meeting, the Board of Governors approves the regulations on its activities, regulating the procedure for its work.

14. Managers perform their duties without receiving remuneration from the EFSD.

Article 14. Powers of the Board of Governors 1. The Board of Governors shall have the authority to review and resolve any issues related to the EFSD's activities in accordance with this Charter and the Agreement.

2. The Board of Governors may delegate its powers to the Board of Directors and the Management Board, with the exception of the following:

1) the admission of new member States of the Fund to the EFSR and the determination of the conditions for their admission;

2) the decision to increase or decrease the capital of the EFSD;

3) suspension of the participation of the Fund's member State in the EFSD;

4) making proposals to the Fund's member States on the interpretation of the Treaty and the present Charter;

5) appointment and dismissal of the Managing Director; •

6) approval of candidates for Deputy Managing Directors and members of the Management Board on the recommendation of the Managing Director;

7) redistribution of contributions to the EFSD capital between the Fund's member States by additional subscription;

8) approval of the selection of the EFSD external auditor;

9) distribution of EFSD's net profit, determination of reserves;

10) distribution of access limits between the Member States of the Fund for the implementation of Operational Activities specified in subparagraph 1 of paragraph 1 of Article 10 of this Charter;

11) approval of policies governing Operational activities;

12) approval of individual transactions provided to the Fund's member States in accordance with the activities regulated by Article 10 of this Statute in an amount exceeding the equivalent of 100 million rubles. Accounting units of the EFSR;

13) making proposals to the Fund's member States on amendments to the Treaty and the present Charter;

14) approval of the EFSD strategy;

15) making a decision on the suspension of the EFSD's activities and on the final termination of the EFSD's activities and the allocation of its resources;

16) approval of the annual reports on the EFSD's activities, annual financial reports, taking into account the external auditor's report;

17) making a decision on opening and closing representative offices of the EFSR and changing the location of the headquarters of the EFSR;

18) approval of the organizational structure of the EFSD to the level of independent structural units;

19) approval of the EFSD Unit of Account or currency for determining the nominal value of contributions to the EFSD;

20) approval of the structure of the EFSR Unit of Account, its cost and the calculation procedure;

21) determination of the share of the Fund's member State in the funds of the EFSD in order to return it in case of withdrawal from the Fund's member States;

22) acceptance of donations to the EFSD;

23) determination of the rules and procedures of the Board of Governors;

24) defining the rules and procedures of the Board of Directors and the Management Board;

25) approval of the procedure and conditions for the formation, management and use of reserve and other funds.

3. The Board of Governors may delegate its powers to the Board of Directors, the Managing Director and the Management Board, but reserves the right to revoke, limit or revise any of the previously delegated powers.

Article 15. The Board of Directors 1. The Board of Directors is a collegial Governing Body of the EFSD, exercising general management of its activities and reporting to the Board of Governors.

2. Each managing Director appoints one director to the Board of Directors from among the employees of the Ministry of Finance (the authorized body in the field of public finance management) and officially informs the EFSD about it. The composition of the Board of Directors is approved by the Chairman of the Board of Governors.

3. Directors must perform their duties in good faith, with due diligence and act in the interests of the EFSD.

4. The Chairman of the Board of Directors is the Director from the Fund's member State, who chairs the Board of Governors.

5. The Directors are not employees of the EFSD and do not receive remuneration from the EFSD.

6. The Directors remain in office until their successors are appointed and assume their duties.

7. The Board of Directors holds its meetings as necessary, depending on the issues of EFSD's activities, but at least 2 times a year. The Board of Directors performs its duties as a body whose members are not permanently located at the headquarters of the EFSD. Meetings may be convened by the Chairman of the Board of Directors and at the suggestion of the Directors and the Managing Director.

8. The Board of Directors has the right to make decisions by means of a written absentee survey of directors (absentee voting).

9. For the purposes of voting in the Board of Directors, each director is allocated one vote for every full 100 thousand. Units of account of the EFSR in the amount of the monetary contribution of the Fund's member State to the EFSR. Unpaid bills of exchange are not taken into account when determining the contribution amount for calculating the number of votes of the Fund's member State on the Board of Directors.

10. A meeting of the Board of Directors is valid if there are directors representing at least 90 percent of the votes cast by the Board of Directors.

11. Unless otherwise expressly provided by these Articles of Association or by the Board of Governors when delegating powers to the Board of Directors, all issues considered by the Board of Directors are resolved by a majority of the total number of votes cast by the directors participating in the voting.

Article 16. Powers of the Board of Directors The Board of Directors provides overall management of EFSD's activities and, for these purposes, exercises the powers delegated to it by the Board of Governors, as well as those provided for in this Charter, in particular:

1) preliminary approval of materials submitted for consideration by the Board of Governors;

2) approval of EFSD documents within the framework of the powers delegated by the Board of Governors, and granting exceptions or exemptions in respect of such documents;

3) review of the Board's regular reports on EFSD activities and take appropriate measures;

4) establishment of committees under the Board of Directors and determination of the powers of these committees;

5) approval of the selection of an external auditor and the audited financial statements based on the results of the financial year;

6) approval of the EFSD strategy before its approval by the Board of Governors;

7) temporary suspension of new EFSD operations until a decision is made by the Board of Governors, while simultaneously submitting this issue to the Board of Governors.;

8) exercise of other powers delegated by the Board of Governors.

Article 17. The Managing Director, the Board and the staff of the EFSD 1. The Managing Director directs the activities of the Foundation and the Management Board, is the official representative of the EFSD in all matters of its activities and acts on behalf of the EFSD in relations with third parties without a power of attorney.

2. The Managing Director and his deputies are appointed and dismissed by the Board of Governors. The Managing Director may not simultaneously hold the position of the Managing Director or his deputy as a member of the Board of Governors or the Board of Directors.

3. In the absence of the Managing Director, his duties are performed by the Deputy appointed by the Managing Director. If the Managing Director is unable to perform his duties, the Deputy Managing Director, appointed by the decision of the Chairman of the Board of Governors, exercises the powers and performs the functions of the Managing Director.

4. The Managing Director is approved for a 5-year term and may be reappointed for a new term.

5. The Managing Director is accountable to the Board of Governors. The Managing Director participates in meetings of the Board of Governors and the Board of Directors without the right to vote.

6. The Management Board is a permanent collegial executive body of the EFSD, accountable to the Board of Directors and the Board of Governors and consists of the Managing Director, his deputies and members of the Management Board. The numerical composition of the Management Board is determined by the Board of Governors. On the recommendation of the Managing Director, the Board of Governors may decide to include the heads of the Fund's structural divisions in the Management Board. The main task of the Management Board is to carry out EFSD's activities in accordance with the Agreement, these Articles of Association, and decisions of the Board of Governors and the Board of Directors.

7. The distribution of responsibilities among the members of the Management Board is carried out by the Managing Director. The Deputy Managing Directors and other members of the Management Board manage individual areas of EFSD's activities and report to the Managing Director.

8. Decisions at the Board meeting are taken by a majority vote. Each member of the Management Board has one vote in making decisions. If the votes are equal, the Managing Director's vote is decisive.

9. The Managing Director, Deputy Managing Directors and members of the Management Board are appointed from among the citizens of the Fund's member States.

10. Unless otherwise provided by the Board of Governors, the following matters fall within the competence of the Managing Director::

1) organization of the EFSD's work, management of EFSD's property and assets in accordance with these Articles of Association, decisions of the Board of Governors and the Board of Directors;

2) ensuring the work of the Board;

3) ensuring the implementation of decisions of the Board of Governors and the Board of Directors;

4) representation on behalf of the EFSR, as well as the presentation of claims and claims in court and arbitration on behalf of the EFSR;

5) issuing orders and making decisions on EFSD activities within the authority of the Managing Director and the Management Board;

6) approval of the Fund's staffing table and establishment of salaries in accordance with the EFSD budget and staffing table, as well as incentives for distinguished employees;

7) performing operations and transactions on behalf of the EFSR (without a power of attorney);

8) approval of EFSD documents within the powers delegated by the Board of Governors and the Board of Directors;

9) the management of the Fund's staff, the recruitment and dismissal of EFSD employees, with the exception of Deputy Managing Directors appointed by the Board of Governors, and the definition of the official duties of EFSD employees;

10) authorizing EFSR employees to act on behalf of the EFSR and conclude transactions, and issuing them powers of attorney on behalf of the EFSR;

11) making proposals to the Board of Governors on the appointment of Deputy Managing Directors and on the personnel of the internal audit service;

12) exercise of other powers, except those that fall within the competence of the Board of Governors and the Board of Directors.

11. Unless otherwise provided by the Board of Governors, the following matters fall within the competence of the Board::

1) implementation of the EFSD strategy, other documents and decisions adopted by the Board of Governors and the Board of Directors;

2) preparation of materials and proposals submitted for consideration by the Board of Governors and the Board of Directors;

3) approval of the rules and procedures for the operations of the Fund;

4) preparation of EFSD activity programs;

5) organization of expertise of EFSD projects and programs;

6) conducting an assessment of the sufficiency of the EFSD's resource potential, preparing proposals regarding the priority of project financing;

7) making decisions on approving operations provided to the Fund's member States in accordance with the activities regulated by Article 10 of this Charter, within the limits of the powers defined by this Charter and decisions of the Board of Governors;

8) maintaining the register of Fund participants;

9) exercise of other powers in accordance with the documents and decisions adopted by the Board of Governors and the Board of Directors.

12. The quorum for holding a meeting of the Management Board is a simple majority of the members of the Management Board.

Chapter 6. Withdrawal from the Participating States, suspension of participation in the EFSR, suspension and termination of EFSR operations

Article 18. Withdrawal of the Fund's member State from the EFSR and suspension of participation in the EFSR 1. Any member State of the Fund has the right to withdraw from the EFSD by notifying the Board of Governors in writing of its intention. Such written notification shall be sent to the Chairman of the Board of Governors with copies to the Chairman of the Board of Directors and the Managing Director and immediately communicated by the Managing Director to the Member States of the Fund.

2. From the date of receipt by the Chairman of the Board of Governors of the notification of withdrawal from the EFSD:

1) all rights granted to this member State of the Foundation in accordance with the Treaty and the present Charter, except for the right to withdraw from the EFSR, are suspended.;

2) such a member State of the Fund shall not have the right to vote when the Board of Governors makes any decisions other than decisions concerning the payment of its contributions to the capital of the EFSD. At the same time, all obligations that have arisen within the framework of signed contracts, agreements and other arrangements concluded by this State party to the Fund remain in place until all funds provided to it on a reimbursable basis are fully reimbursed.;

3) such a member State of the Fund is not responsible for transactions with EFSD funds conducted after the EFSD receives notification of its intention to terminate its participation in the EFSD.

3. Within one year from the date of receipt by the Chairman of the Board of Governors of a notification from a member State of the Fund of its intention to withdraw from the EFSD, the Fund shall conclude, on the basis of a decision of the Board of Governors, an agreement on the time and procedure for payment of a contribution to the capital of the EFSD of such a member State of the Fund.

The amount of the contribution to the capital of the EFSD of such a member State of the Fund is determined in accordance with the procedure adopted by the Board of Governors, taking into account the timing and the actual amount of contributions of such a member State of the Fund.

4. Before the expiration of one year from the date of receipt by the Chairman of the Board of Governors from the State party of the Fund of notification of his intention to withdraw from the EFSD, or before the date of conclusion of an agreement on the term and procedure for payment of his contribution to the capital (whichever event occurs earlier) This Member State of the Fund may notify the Board of Governors in writing of the withdrawal of the said notification in a manner similar to the procedure established by paragraph 1 of this article.

5. A Member State of the Fund that has notified the Board of Governors of its withdrawal from the Fund's member States shall be deemed to have withdrawn from the EFSD from the date of conclusion of an agreement on the terms and procedure for payment of its contribution, but not later than one year after the date of receipt by the Chairman of the Board of Governors of a written notification of its withdrawal from the EFSD.

6. If a member State of the Fund fails to fulfill any of its obligations to the EFSD, the Board of Governors may suspend its participation in the EFSD on the basis of a decision taken in accordance with paragraph 9 of Article 13 of this Charter.

7. If, after 1 year from the date of suspension of participation, the Board of Governors does not decide to restore such a member State of the Fund to its rights, then this member State of the Fund is considered excluded from the EFSD. Further relations between him and the Foundation should be carried out in accordance with paragraphs 1-5 of this article. The Agreement in respect of such a member State of the Fund is terminated from the date of conclusion between the Fund and this member State of the Fund of an agreement on the terms and procedure for payment of its contribution to the capital of the EFSD.

8. During the period of suspension of participation, the Fund's participating State may not exercise any rights in accordance with the Treaty and this Charter, with the exception of the right to withdraw from the EFSD in accordance with paragraphs 1 and 2 of this article, but shall bear all its obligations in accordance with agreements, treaties and other documents signed by the State. - a member of the Foundation with the EFSR.

9. After the date when the State ceases to be a member State of the Fund, it continues to be responsible for its obligations to the EFSD until any part of loans or other forms of financing in accordance with Article 10 of this Statute, agreements on which were concluded before the State ceased to be a member State of the Fund and a party to the Agreement remains outstanding, but it is not liable for loans or other financing granted to the EFSD later, and does not participate in the distribution of net income or expenses of the EFSD.

Article 19. Temporary suspension of operations In emergency situations, the Board of Directors may temporarily suspend approval of new EFSD operations until the Board of Governors considers the situation and decides on the merits.

Article 20. Final termination of operations and liquidation of the EFSD 1. EFSD may permanently terminate its Operational Activities by decision of the Board of Governors.

2. In the event of such a decision, all operations with EFSD funds will be immediately terminated, with the exception of activities to protect and preserve EFSD assets, accumulate payments under existing obligations and settle obligations payable from EFSD funds that arose prior to the date of the relevant decision by the Board of Governors.

3. Until the final settlement of EFSD's obligations and the allocation of funds, all rights and obligations of the Fund's member States related to EFSD's operations and the unpaid portion of EFSD's capital to which they subscribed shall remain in full force.

4. Assets between the participating States of the Fund on account of their contributions to the capital of the EFSD shall not be distributed until such distribution is approved by a decision of the Board of Governors.

5. Any distribution of EFSD assets among the member States of the Fund shall be made in proportion to the contributions paid by each member State of the Fund to the capital of the EFSD and shall be carried out within such time limits and on such terms as the EFSD considers fair and equitable, in accordance with the decision of the Board of Governors. The shares of distributed assets can be of different types. No member State of the Fund has the right to receive its share in such asset allocation until it fulfills all its obligations to the EFSD.

6. Any Member State of the Fund receiving distributable assets in accordance with this Article shall enjoy in respect of them the same rights that the EFSD enjoyed in respect of these assets prior to their distribution.

Chapter 7. Status, immunities, privileges and exemptionsArticle 21. The status of the EFSR 1. In order to achieve the objectives and perform the functions assigned to the EFSR in Article 1 of the Treaty and this Charter, the EFSR shall be endowed in the territory of each State party to the Fund with the immunities, privileges and facilities provided for in this Charter and agreements concluded between the EFSR and the Governments of the States Parties to the Fund on the conditions of stay of the EFSR in their territories.

2. Each Member State of the Fund must take the necessary measures to implement the provisions set out in this chapter on its territory and inform the EFSD of the actions taken.

3. The EFSD, being an international financial organization subject to international law, has international legal personality and has the right, in particular, to conclude international treaties within its competence.

4. The Foundation enjoys the rights of a legal entity and, in particular, is entitled to:

1) conclusion of contracts;

2) lease, acquisition and alienation of movable and immovable property (in accordance with the norms of the legislation of the member states of the Fund in the field of land use) and its disposal;

3) initiating and responding to procedural actions;

4) performing other actions aimed at achieving the goals stipulated by the Agreement and this Charter.

Article 22. Immunities and privileges 1. To the extent necessary to achieve its goals and perform its functions, the EFSD enjoys immunity from any form of judicial interference, except in cases where the Foundation itself waives immunity.

2. No legal proceedings against the EFSD may be initiated by any State party to the Fund, a State body or other institution of a State party to the Fund, or by a legal entity or individual acting directly or indirectly on behalf of a State party to the Fund, its body or institute, or who has obtained the appropriate right of claim. The Fund's member States have the right to resort to special procedures for the settlement of disputes between the EFSR and the Fund's member States provided for in the Treaty and Article 35 of this Statute, EFSR documents or agreements concluded by the EFSR with the Fund's member States.

3. The property and assets of the EFSR, wherever and by whomsoever located, shall be immune from any form of confiscation, search, seizure or other forms of seizure or alienation until a final judicial decision is rendered against the EFSR.

4. The premises of the EFSR and its representative offices, as well as the archives, property, documents and information of the EFSR, wherever and by whomsoever located, are inviolable on the territory of any member State of the Foundation.

5. To the extent necessary to achieve the objectives and perform the functions of the EFSR, and subject to the provisions of the Treaty and this Charter, all property and assets of the EFSR are exempt from restrictions, regulations, controls and moratoriums of any kind.

6. The Fund's member States shall grant the same treatment to the official communications of the EFSD as to the official communications of any other Fund member State, including its diplomatic missions.

7. The Fund's member States do not impose any currency restrictions on the receipt, possession, use or transfer of EFSR funds by any EFSR financing recipients for making payments in any country.

8. In the performance of their official duties in the territory of each member State of the Fund, the Managing Director, Deputy Managing Directors, members of the Board and employees of the EFSD:

1) have immunity from judicial and administrative prosecution for actions committed by them in the performance of their official duties. This immunity does not apply to civil liability in the event of damage caused in road accidents.;

2) together with family members recognized as such in accordance with the legislation of the Fund's member State (hereinafter referred to as family members), they have the same repatriation benefits as employees of diplomatic missions in that State.;

3) are exempt from payment of customs duties, taxes and fees levied by the customs authorities in respect of imported goods intended for personal use;

4) are exempt from state duties;

5) are exempt, together with family members, from immigration restrictions and from registration as foreigners;

6) enjoy the same privileges in the field of foreign exchange transactions that are granted to employees of diplomatic missions in that State;

7) enjoy similar privileges in terms of conditions and freedom of movement, as is customary for representatives, officials and employees of comparable rank of other Participating States.

9. The provisions of paragraph 8 of this Article, with the exception of subparagraph 1, shall not apply to the Managing Director, Deputy Managing Directors, members of the Management Board or employees of the EFSD performing their official duties during their temporary and permanent stay in the territories of the Fund's member States of which they are citizens.

10. The Managing Director is obliged to waive any immunities and privileges in respect of any EFSD employee, with the exception of the Managing Director, Deputy Managing Directors and members of the Management Board, in cases where, in his opinion, such immunities and privileges impede the administration of justice and can be waived without prejudice to the interests of the Fund, to the extent and on such terms, which, in his opinion, meet the interests of the Fund. In similar circumstances and under the same conditions, the Board of Governors is required to waive the immunities and privileges of the Managing Director, Deputy Managing Directors and members of the Management Board.

11. The EFSD shall periodically inform the competent authorities of the Fund's member States of the names of persons to whom the privileges and immunities provided for in this Article and Article 23 of this Charter apply, in order to grant such persons the appropriate privileges and immunities.

12. In the performance of their official duties, the Managing Director, Deputy Managing Directors, members of the Management Board and EFSD employees act as international employees. They are accountable to the EFSD and do not depend on any authorities or officials of the States of which they are citizens.

Article 23. Exemption from taxation 1. The EFSD, its income, property and other assets, as well as its operations and transactions carried out in accordance with this Charter in the territories of the Fund's member States, are exempt from any taxes, fees, duties and other payments, with the exception of those that represent fees for specific types of services.

2. As part of its official activities, the EFSR in the territories of the Fund's member States is exempt from customs duties, taxes and customs duties on the import and export of goods intended for official use by the EFSR.

Goods imported by the EFSR with the application of benefits for the payment of customs duties are not subject to alienation without prior payment to the EFSR in respect of these payments, from which it was previously exempt, in accordance with the legislation of the Fund's member State.

3. No taxes, mandatory contributions and fees, duties and (or) any other payments are levied on salaries and other remuneration, compensation for expenses incurred or in connection with other payments made by EFSD to the Managing Director, Deputy Managing Directors, members of the Management Board and employees of EFSD.

4. The EFSD is exempt from obligations to calculate, collect, withhold and pay any taxes, duties, and mandatory contributions, including in cases where withholding and payment of taxes are carried out by a tax agent at the source of income.

Article 24. Waiver of immunity, privileges and exemptions 1. The privileges, immunities and exemptions provided for in this Charter are granted in the interests of the Foundation, and not for the personal benefit of the persons receiving them.

2. The Board of Governors may waive any privileges, immunities or facilities provided for in these Articles of Association at any time and in any circumstances, doing so in such manner and under such conditions as it deems best in the interests of the Fund.

3. The waiver of immunity is expressed explicitly, excluding an ambiguous interpretation of the decision. At the same time, waiver of immunity in respect of judicial proceedings does not mean waiver of executive immunity, unless otherwise approved by the Board of Governors.

Chapter 8. Selected aspects of EFSD activitiesArticle 25. The international character of the EFSD 1. The Managing Director, Deputy Managing Directors, members of the Board and employees of the EFSD should not interfere in the internal affairs of the Fund's member States, and their decisions should not be made under political pressure from the Fund's member States. Their decisions are made solely for economic reasons. Such considerations will be assessed impartially in order to ensure that the objectives and functions of the EFSD are achieved.

2. The Managing Director, Deputy Managing Directors, members of the Board and employees of the EFSD, in the performance of their official duties, must act solely in the interests of the EFSD and not obey the authorities of the member States of the Fund. Each Member State of the Fund must respect the international character of their position and refrain from any attempts to influence any of these persons in the performance of their official duties.

Article 26. Communication channel Each member State of the Fund appoints its authorized body in the field of public finance management as an official body with which the EFSD can interact on any issues arising under the Agreement and this Charter.

Article 27. The working and official language of the EFSR The working and official language of the EFSR is Russian.

Article 28. EFSD budget The EFSD budget is approved annually by the Board of Governors on the recommendation of the Board.

Article 29. Annual reporting and information disclosure 1. The Board of Governors approves the annual financial statements of the EFSD.

2. The EFSD publishes an annual report containing financial statements with the opinion of an independent external auditor and sends it to the Fund's member States.

3. The financial year of the EFSD begins on January 1 and ends on December 31.

4. The EFSD develops and implements a policy on information disclosure in order to ensure transparency of its activities. The EFSD may publish such reports as it deems appropriate to achieve its objectives and perform its functions based on generally recognized international principles of information disclosure.

5. The Member States of the Fund shall provide the EFSD with the information reasonably requested in order to facilitate the fulfillment of the goals and functions of the EFSD.

Article 30. Internal audit An internal audit service is being created in the structure of the EFSD. The Board of Governors approves the order of the service's activities and its composition.

Article 31. External audit The EFSD's financial statements are reviewed by an independent external auditor approved by the Board of Governors, who issues an opinion based on the audit of the annual financial statements. The external auditor must have full authority to check the books and accounts of the EFSD and obtain complete information about its financial transactions.

Article 32. EFSD profit distribution The net profit is used to replenish the reserve and other funds, as well as to achieve the objectives of the EFSD provided for in Article 1 of the Treaty, and is not paid to the member States of the Fund in any form, unless the EFSD ceases its activities.

Article 33. Accounts of the EFSD 1. Transactions with EFSD funds are carried out through EFSD accounts opened in banks, the list of which is approved by the Board of Governors.

2. The accounts of the EFSR are maintained in the national currencies of the founding States of the EFSR, US dollars, euros, as well as other currencies by decision of the Board of Governors.

Chapter 9. Other provisionsArticle 34. Making changes 1. Any amendments to this Statute shall be made in accordance with Article 6 of the Treaty, taking into account the provisions of this Article.

2. Proposals on amendments to these Articles of Association may be made by the Managing Directors, Directors and the Managing Director on behalf of the Management Board.

3. Any proposal for amendments and additions to these Articles of Association shall be brought to the attention of the Chairman of the Board of Governors, who shall submit the proposal for consideration and approval by the Board of Governors.

Article 35. The procedure for resolving disputes related to the application of this Charter and arising in the course of EFSD activities 1. Disputes and disagreements related to the application of this Charter and arising in the course of the EFSR's activities between the EFSR and a member State of the Fund, or between the EFSR and a former member State of the Fund, or between the EFSR and any member State of the Fund during the suspension and termination of operations of the EFSR, will, if possible, be resolved the parties to the dispute through negotiations and consultations.

2. If such disputes and disagreements have not been resolved through negotiations and consultations within 6 months of their occurrence, they are referred to either party to the dispute for consideration and resolution by the Board of Governors. The Board of Governors must review and resolve the dispute within 6 months.

3. Any of the parties to the dispute may challenge the decision of the Board of Governors by referring the dispute to an arbitration court consisting of 3 arbitrators appointed within 2 months from the date of the dispute's referral to the arbitration court. One of the arbitrators is appointed by the EFSD, the other by the relevant State party to the Fund or the former State party to the Fund, and the third (Chairman), by agreement of the appointed arbitrators or, if the arbitrators do not reach a consensus within 6 months after their appointment, by the President of the International Court of Justice of the United Nations.

When resolving a dispute, the appointed arbitrators are guided by the UNCITRAL Arbitration Rules, taking into account the public law nature of the dispute.

The arbitrators make a decision by a majority vote, and their decision is final and binding on the parties to the dispute.".

RESERVATION OF THE REPUBLIC OF ARMENIAto the Protocol on Amendments to the Agreement on the Establishment of the Eurasian Fund for Stabilization and Development dated June 9, 2009 The Republic of Armenia will apply this Protocol until its entry into force, in accordance with Article 3 of this Protocol, only from the date of notification that the Republic of Armenia has completed the relevant domestic procedures.

The Prime MinisterThe Republic of Armenia N.V. Pashinyan

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