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EAEU approved list of financial institutions participating in financial support mechanism for cooperative projects in manufacturing industry
The meeting of the Eurasian Economic Commission's Council held on December 12 approved the list of financial institutions participating in the financial support mechanism for joint cooperative projects in industries implemented by the Eurasian Economic Union States.
"The list of financial institutions presented today was formed based on the positions of our countries," said Artak Kamalyan, EEC Minister in charge of Industry and Agriculture. "It is required to implement the Regulation on selecting joint cooperative projects and providing them with financial support, approved by the Decision of the Eurasian Intergovernmental Council. This Regulation establishes requirements to national financial institutions and specifies that the list of such institutions shall be determined by the Commission's Council".
Artak Kamalyan reminded that the task to ensure the elaboration and adoption of acts required for launching and implementing the financial support mechanism for multilateral industrial projects was set before the Commission and the Member States' governments by the Supreme Eurasian Economic Council.
The list includes 63 banks, 8 development institutions and 1 international organization (Eurasian Development Bank).
For reference
The Eurasian Economic Commission was vested with new powers to subsidize part of interest rates on loans for multilateral integration projects in the manufacturing industry from the Union's budget as a result of amendments to the Treaty on the EAEU agreed upon by the Heads of the Member States at the meeting of the Supreme Eurasian Economic Council held on May 25 this year. Amendments to the Treaty on the EAEU in terms of vesting the EEC with new powers will come into effect once they are ratified by the Union States.
On October 26, 2023, the Eurasian Intergovernmental Council approved the Regulation on selecting joint cooperation projects in industries and providing financial support for their implementation by the Eurasian Economic Union Member States.
