26 Feb 2015 12:44

EurAsEC Anti-Crisis Fund to be renamed Eurasian Stabilization and Development Fund

GORKI. Feb 26 (Interfax) - The Eurasian Economic Community (EurAsEC) Anti-Crisis Fund is going to be transformed into the Eurasian Stabilization and Development Fund, and a portion of its profits will go towards financing state social programs, Russian Prime Minister Dmitry Medvedev said at a governmental meeting Thursday.

With charter capital of $8.5 billion, this fund was created in 2009 to fight the aftermath of the global economic crisis, Medvedev noted.

"Due to the halt in the EurAsEC's operations, the fund will be renamed the Eurasian Stabilization and Development Fund, and a portion of the fund's profit can be used to finance state programs in the social sphere," he said.