Kazakhstan's upper house of parliament adopted a bill to ratify the agreement on the establishment of the Eurasian Development Bank at its plenary meeting today, the parliament's press service reported. The bank will finance projects intended to strengthen the integration of its member states, assist in developing their market economies, help achieve economic growth and broaden mutual trade and economic ties between the member states.

      Kazakhstan and Russia signed an agreement on the establishment of the Eurasian Development Bank with an authorized capital of $1.5bn in January 2006. Kazakhstan has a one-third stake in the bank's capital, while Russia owns two-thirds in it. The bank's headquarters will be in Almaty.