ArmInfo. On March 15, an agreement was signed in Moscow on the creation of a joint Russian-Armenian investment Fund. The agreement was one of the results of the implementation of the recommendations adopted by the College of the Eurasian Economic Commission (EEC).
In December 2016, the Decision of the Board of the Eurasian Economic Commission No. 31 of December 19, 2016 approved the Recommendation of the Eurasian Economic Commission on measures aimed at reducing the deficit of the consolidated budget of the government in the Republic of Armenia.
One of the proposals of the Commission, which will allow reducing the burden on the consolidated budget of the state management in the medium term, is the creation of a development Fund for the modernization and competitiveness of the economy of the Republic of Armenia with the involvement of foreign countries, international organizations and development banks.
As part of the implementation of this measure, in the course of negotiations between Russian President Vladimir Putin and Armenian President Serzh Sargsyan in Moscow on March 15, 2017, an agreement was signed to create a joint Russian-Armenian investment Fund, the participants of which are the Russian Direct Investment Fund and the state company of Armenia UCO CJSC <SME Investments>.
The created investment fund will contribute to the further development of the economy of the Republic of Armenia through the implementation of projects in priority sectors such as agriculture, industrial production, transport and logistics infrastructure and high technologies. Financing of these projects will be implemented without attracting budgetary funds, which will ensure in the medium term a reduction in the deficit of the consolidated budget of the state management sector of the Republic of Armenia.
The Fund's activities will assist the deepening of the trade and economic and investment cooperation within the Eurasian Economic Union.
The Eurasian Economic Commission, a permanent supranational regulatory body of the Eurasian Economic Union, began its work on February 2, 2012. The EEC includes representatives from Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia. Decisions of the Commission are binding for implementation in the countries of the Union. Chairman of the Board of the Eurasian Economic Commission - Tigran Sargsyan. The treaty on the establishment of the Eurasian Economic Union was signed on May 29, 2014, entered into force on January 1, 2015. The Union ensures the freedom of movement of goods, services, capital and labor, the conduct of a coordinated or unified policy in various sectors of the economy. The purpose of the Union is to provide conditions for the stable development of the economies of the member states in the interests of raising the standard of living of their people, comprehensive modernization, cooperation and increasing the competitiveness of national economies. The Supreme Eurasian Economic Council is the supreme body of the Union, which includes the Presidents of Member States. The Eurasian intergovernmental economic council is a body composed of the heads of governments of member states. The Council of the Eurasian Economic Commission is a body composed of vice-premiers of the member states. In accordance with the annual rotation in 2017, the organs of the Union are chaired by Kyrgyzstan.
President of the Kyrgyz Republic Almazbek Atambaev is chairman of the Supreme Eurasian Economic Council.