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21 October 2022, 12:40

Mechanisms for financial support for industrial cooperation projects in EAEU approved

Artak Kamalyan. Photo courtesy of the EAEU
Artak Kamalyan. Photo courtesy of the EAEU

MOSCOW, 21 October (BelTA) - The prime ministers of the countries of the Eurasian Economic Union approved the sources and mechanisms for financial support for industrial cooperation, BelTA learned from the press service of the Eurasian Economic Commission.

"For the first time in 10 years the heads of government of the countries of the Eurasian Economic Union approved the coordinated approaches to the sources and mechanism for preferential financing of industrial cooperation from the additionally formed budget funds of the EAEU at a meeting in Yerevan. Thanks to this instrument, the most promising multilateral projects in the EAEU will receive financial support through subsidized rate on loans issued by international and national financial organizations of the EAEU," the press service said.

According to the documents, the EAEU member states shall develop common rules and priorities for financing cooperation projects. "The heads of government of the countries of the Eurasian Economic Union supported the need to give the Eurasian Economic Commission new powers to organize activities at the supranational level to work with projects and provide financial support. The key priorities are as follows: participation of three or more parties in a project, added value in the cooperation chain, financial efficiency and sustainability, and the growth of mutual trade and investment," said Artak Kamalyan, Member of the Board (Minister) for Industry and Agriculture of the Eurasian Economic Commission (EEC).

The 2023 agenda will include the issues regarding the new powers of the EEC, development and adoption of a financing procedure, approval of uniform criteria and industries for cooperation projects, a detailed financing mechanism and a number of other issues.

"This will enable us to move forward to a new level of integration in the real sector of the economy," the EEC minister summed up.

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