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06.06.2023 (Обновлено: 07.06.2023 16:44)

EEC develops rules for selecting cooperation projects and rendering financial support in their implementation

As a result of amendments to the Treaty on the Eurasian Economic Union agreed by Heads of the Member States during the May 25 meeting of the Supreme Eurasian Economic Council, the Eurasian Economic Commission received new powers in the Union's budget concessional financing of multilateral integration projects in manufacturing industry. That was announced by Artak Kamalyan, EEC Minister in charge of Industry and Agriculture, during his meeting with members of the Belarusian Chamber of Commerce and Industry, stakeholder enterprises and public authorities of the Republic of Belarus.

"From next year, we will be able to subsidize part of loan interest rates to banks. The budget will be generated based on assessed contributions from special, anti-dumping and countervailing duties and will amount to around USD 20 million a year. In five years, that will allow to fund projects totaling up to USD 1 billion," told Artak Kamalyan.

According to the EEC Minister, to launch the new mechanism, the Commission is elaborating the Regulation on the procedure for selecting cooperation projects and rendering financial support in their implementation.

Having noted high professionalism and a constructive business approach in developing financial documents exhibited by Belarusian business representatives, as well as a whole range of promising sectoral projects existing in Belarus, Artak Kamalyan urged the country's businesspeople to intensify their engagement in those activities.

"The program for financial support to industrial cooperation will further facilitate technological development of our countries, ensure that small and medium-sized enterprises have access to new technologies, as well as drive integration processes in the Eurasian space as a whole," noted Artak Kamalyan.


During the meeting, business community representatives voiced their questions about granting preferences and incentive rates when introducing the new financing mechanism, creating favorable conditions in implementing integration projects, as well as possible force majeure circumstances.

The Belarusian party proposes to provide for involvement of all financial organizations in preparing and reviewing cooperation projects.

The EEC Minister gave explanations on the relevant key business matters; upcoming expert consultations will continue to elaborate the draft Regulation.

The Minsk meeting was the first in the series of planned working meetings between Artak Kamalyan, business representatives and heads of the Member States' manufacturing industry enterprises. In the near future, a constructive discussion on the new mechanism for industrial cooperation support will continue.

For reference


Amendments to the Treaty on the Eurasian Economic Union in terms of vesting the EEC with new powers will come into force once they are ratified by the Union Member States.