Igor Finogenov, the EADB board chairman, said the Eurobonds will be issued under the bank's $3 billion program of medium-term borrowings.
"The first [Eurobond] issue will most likely be floated in the fourth quarter," Finogenov said, adding that Citibank and Goldman Sachs will manage the bank's entire Eurobond program.
The Eurasian Development Bank has charter capital of $1.5 billion, with Russia expected to contribute $1 billion and Kazakhstan $500 million. To date the member states have paid $805 million to the bank's charter capital, which will be formed in full in 2008.
Finogenov said the bank will synchronize its borrowings on international markets with growth in its credit portfolio, adding that the EADB was examining more than 20 investment projects worth over $2.5 billion.
The bank's investment portfolio is expected to grow more than ten-fold to $4.5 billion by 2010, Finogenov said, adding that the bank was currently involved in the implementation of investment projects worth $221.5 million.
The EADB signed Monday an investment agreement with Kazakhstan's Ekibastuz-2 electric power plant on the plant's modernization and construction of its third energy unit, and also a memorandum on its participation in a project to produce SuperJet 100 medium-range passenger aircraft developed by Russia's Sukhoi Design Bureau, Finogenov said.
The bank's board chairman also said the EADB was in talks with Kyrgyzstan, Tajikistan, Belarus, and Armenian on their possible accession to the bank.
