The Council of the Eurasian Economic Commission (EEC) approved Sovcombank's application for subsidies from the budget of the Eurasian Economic Union for the implementation of the Murom Arrow Plant co-operation project. The project involves enterprises from three EAEU countries: Russia, Kazakhstan and Belarus.

The Belarusian company Gidropress will provide press equipment worth RUB 111 million, while the Kazakh company Astanakala Kuralys will construct the factory building worth RUB 375 million. The total cost of the project will be RUB 1.3 billion, of which the EEC subsidy will amount to RUB 777 million.

The project implementation will ensure the production of arrow products worth RUB 6 billion and the creation of 120 new jobs. The products will be designed for serial production of arrow products for high-speed and high-speed railway transport, as well as for freight-intensive highways.

Pavel Alferov, Head of the Industrial Policy Interaction Division of the EEC Industrial Policy Department, emphasised that such projects are an important step towards strengthening economic ties within the EAEU. He noted that the participation of industrial enterprises of the union's countries in the commission's subsidy programme promotes cooperation and the creation of new business opportunities, as well as supports innovative production in the territory of the union.

‘We urge industrial enterprises of all EAEU countries to more actively participate in such programmes. This not only promotes the development of specific industries, but also helps strengthen economic ties across the Eurasian Economic Union, ensuring mutually beneficial co-operation and growth of our countries‘ economies,’ Alferov added.