The Eurasian Economic Commission's Council approved the first applications for subsidies from the Eurasian Economic Union's budget to execute two cooperative projects implemented by Murom Arrow Plant and Kazrost Engineering Ltd.

The first project is aimed at creating production facilities for serial production of arrow products for fast and high-speed train operation, including for the use of products in constructing the Moscow – St. Petersburg High-Speed Railway (VSZhM-1) and heavy traffic highways in the Russian Federation.

The second project is aimed at purchasing equipment and expanding production in terms of localization of the harvester cabin, increasing the design capacity of the enterprise for the manufacture of agricultural machinery in the territory of the Republic of Kazakhstan.

The new mechanism of financial support for the EAEU manufacturers provides for subsidizing the interest rate on loans and credits issued by financial institutions for the implementation of joint projects from the Union's budget.

The heads of government of the EAEU Member States approved unprecedented conditions for businesses – compensation in the amount of 100% of the key rate of the Member State's central (national) bank.

The launch of this new mechanism of financial support for joint cooperative projects in the fields of manufacturing industry will enable the Union countries to move to a new level of technological development, promote the creation of new production models, as well as expand trade and economic ties and increase mutual investments.