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22 January 2024, 18:24

Belarus expects new EAEU financing tool to sprout manufacturing cooperation projects soon

Aleksandr Ogorodnikov. An archive photo
Aleksandr Ogorodnikov. An archive photo
MINSK, 22 January (BelTA) – The Belarusian Industry Ministry expects that the first projects to finance manufacturing cooperation within the framework of the Eurasian Economic Union will appear soon. Belarusian First Deputy Industry Minister Aleksandr Ogorodnikov made the relevant statement during a presentation of the new financing mechanism in Minsk, BelTA has learned.

The presentation took place in the Palace of Culture of Minsk Automobile Plant and gathered representatives of industrial enterprises, which are interested in advancing manufacturing cooperation with partners in the Eurasian Economic Union, representatives of government agencies, financial organizations, industry associations, and the Chamber of Commerce and Industry of Belarus.

Aleksandr Ogorodnikov remarked upon effective interaction between Belarus and Russia within the framework of the Union State of Belarus and Russia, in particular, the financing of integration projects (passports have been approved for 24 projects financed by a Russian state loan). The official said he was confident that the first projects to use the Eurasian Economic Union’s new mechanism for financing manufacturing cooperation will appear soon.

Valery Ivankovich, Director General of OAO MAZ, the managing company of the holding company BelavtoMAZ, remarked that participants of the presentation would be interested in learning about and discussing details of realization of the new financing mechanism.

Artak Kamalyan, Member of the Board (Minister) for Industry and Agribusiness of the Eurasian Economic Commission, which is in charge of developing and introducing the new mechanism, explained in detail how the program on supporting multilateral projects will be implemented. Participants of the presentation learned what criteria a manufacturing cooperation project has to meet in order to get financial support, what requirements borrowers and financial organizations are supposed to meet, what branches of the real sector are prioritized for providing this kind of support.

The regulation on selecting joint manufacturing cooperation projects in branches of the manufacturing sector and on providing financial assistance with their implementation by member states of the Eurasian Economic Union was passed by the Eurasian Intergovernmental Council on 26 October 2023.

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