EAEU cooperation projects for annual financial support
MINSK, Oct. 21 (BelTA) — About $20 million a year will be allocated to support cooperation projects of Eurasian Economic Union (EAEU) member states, Belarusian First Deputy Finance Minister Dmitry Kiyko said. at the meeting of the Eurasian Intergovernmental Council in Yerevan, Armenia. on October 20, BelTA learned about it.
The First Deputy Minister of Finance recalled that at the previous meeting of the Eurasian Intergovernmental Council, prime ministers and presidents of governments instructed the commission and experts to work out support mechanisms for industrial cooperation projects. “Today, all countries need investment more than ever. We must develop cooperative sectors, create added value and highly productive jobs. The commission worked with experts and came up with a number of proposals. It was proposed to the Heads of Government to give specific instructions on the practical development of the support mechanism for cooperative projects. This support includes subsidizing interest rates on loans to financial organizations that will receive funds from the Eurasian Economic Union budget to reduce interest rates for those who will implement these projects. This is a mechanism that will reduce the cost of loans for project promoters. It is a working mechanism that is used separately in our countries. But now, by combining resources and efforts to create these industrial cooperatives, we can achieve a greater effect,” he said.
Commenting on the process, Dmitry Kiyko added that each country has plans. “Around $20 million a year has so far been identified as a source of funds – this is what will cover the interest rates. But it does not limit the amount of loans for such projects,” stressed the deputy minister.
He cited the Belarusian electric bus as a promising example. The project involves the participation of the parties in the development of components, electric transport. “Implementing this project with relatively cheap loans will solve these problems. We will develop strong chains of cooperation between our countries, develop relevant skills. Electric transport means highly productive jobs, so everyone will benefit. The commission will directly manage the resources, ensuring that the projects proposed for funding meet the criteria. That is why the issue of support for the launch of joint projects is already being put into practice, ”said Dmitry Kiyko.
The Deputy Minister said that the relevant documents will be prepared as soon as possible (and all countries are interested in this). The selection of projects and the work with financial institutions can be organized in 2023. From 2024, the relevant funds for the grant will be provided for in the budget.