Home Eurasia Economy of the Eurasian Continent Introduction to the EFSD Sovereign Financing Database

Introduction to the EFSD Sovereign Financing Database

Vinokurov, E., Levenkov, A., Chkoniya, L. (2023) EFSD Working Paper WP/23/1

The EFSD continues the series of working papers with an analysis of sovereign financing in the Eurasian region. The purpose of this Working Paper is to present SFD and its methodology, to provide a quantitative and qualitative assessment of the wide range of sovereign financing by IFIs and development agencies in 2008–2022 in 11 Eurasian countries.

SFD is formed on the basis of comprehensive information from open sources, including the official websites of international financial institutions (IFIs), their reporting and other primary information. The data collection methodology allows the collection of data on a wide range of sovereign financing: stabilization loans, investment loans, grants and technical assistance projects. The focus on the Eurasian region distinguishes SFD from other existing databases.

About 3 900 sovereign financing operations were included in the SFD, totalling approximately $90 bln. We recommend treating this figure as a rough conservative estimate due to the lack of public. Approved financing boomed in 2009 ($8.6 bln), 2015 ($8.7 bln) and 2020 ($10.9 bln). It can be attributed to global crisis in 2009 and regional crisis in 2015 and the COVID-19 crisis in 2020 that forced countries to take numerous response measures.

Investment loans make up the bulk of operations in terms of approved financing during the analyzed period. Among them are projects in key sectors such as energy and food security, infrastructure development, healthcare and digitalization, etc.

The largest amount has been approved by the WB, ADB, IMF, and EFSD, accounting for almost 80% of the total during the analyzed period.

Uzbekistan is the leader (23.1%) in the total approved financing. It accounts for 541 operations worth $20.9 bln.

The SFD was presented both at the Ministries of Finance of the Russian Federation, the Republic of Armenia, the Republic of Kazakhstan, the Kyrgyz Republic, the Republic of Tajikistan, Belarus, and within the donor committees of Tajikistan, Kyrgyzstan, and Armenia. The initiative was welcomed by the Ministries of Finance of the EFSD member countries. EFSD currently works with government authorities on information exchange based on the SFD.

The EFSD is open to cooperation with IFIs, national authorities, experts, and academia on the matter of the Database’s development and deployment for various applied and academic purposes.

The full text of the Working Paper is available at the EFSD website. The EFSD Sovereign Financing Database is available online.

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