Published
12/14/2024, 12:19At a meeting of the Eurasian Intergovernmental Council held on 13 December, the heads of government of the Eurasian Economic Union discussed progress in implementing the mechanism of financial support for joint cooperation projects in the industrial sector.
It is important to note that in June 2024, a protocol was adopted to amend the EAEU treaty to allow for such assistance. The Eurasian Economic Commission was authorised to provide this support.
Applications for projects are submitted to the Commission by authorised national banks and the Eurasian Development Bank, which also serve as a liaison with businesses in the application process.
The Commission is currently considering three co-operation projects involving Belarus, Kazakhstan and Russia, covering sectors such as chemicals, agriculture and railway engineering.
The first applications submitted to the EEC are planned to be dealt with in due course by the Union's bodies by the end of this year. At the same time, the analysis of the six-month practice of the Commission's work on the implementation of the new mechanism has revealed the need to adjust a number of norms of the provision on the selection of co-operation projects. Several proposals to improve the document were received from business representatives.
The prime ministers of the EAEU countries also approved the inclusion of the Russian-Kyrgyz Fund in the list of organisations that will be able to participate in subsidising cooperation projects.
