EAEU to develop new mechanisms for financing industrial cooperation

14.09.2021

EAEU to develop new mechanisms for financing industrial cooperation

This instruction was adopted by the Eurasian Economic Commission’s Council at a meeting held on October 14. Proposals on new mechanisms for financing industrial cooperation will be prepared within the extended special Working Group of the Eurasian Economic Commission and the Eurasian Development Bank, involving governing bodies of the Eurasian Economic Union countries engaged in financial policy as well as the Eurasian Fund for Stabilization and Development, the Astana International Financial Center and the Union’s business community.

"Nowadays, addressing the issue of granting preferential conditions to finance cooperative projects is an overriding priority in the EAEU. This is the issue that the business community poses to us and we should exert every effort to solve it," Artak Kamalyan, EEC Minister in charge of Industry and Agriculture, noted following the EEC Council’s meeting.

The EDB Council approved the Bank's new Strategy for 2022-2026, which already enshrines some new approaches and tools to support cooperative projects. In order to develop them, the Bank plans to more actively use grant funding and capital investment tools as well as reduce the cost of borrowed resources, use "combined" financing mechanisms and actively work with trust funds and public-private partnership models. In this regard, new efficient support mechanisms will be diligently addressed, primarily, to ensure preferential financing of the EAEU integration projects.