EEC is developing financial support mechanism for industrial cooperation

ArmInfo. The Eurasian Economic  Commission (EEC), together with the relevant ministries of the EAEU  countries, is developing a mechanism for financial assistance to  industrial cooperation. This was announced by Minister for Industry  and Agro-Industrial Complex of the EEC Artak Kamalyan at a meeting of  the Council on Industrial Policy of the EAEU, held within the  framework of the "INNOPROM" international exhibition in  Yekaterinburg.

He noted that after the ratification of the amendments to the Treaty  on the EAEU, signed by the presidents of the countries at the Supreme  Eurasian Economic Council in May this year, the EEC received new  powers to finance multilateral projects in industry from the budget  of the Union.

"To launch the mechanism, a Regulation on the procedure for selecting  cooperation projects and providing financial assistance in their  implementation is being developed," the Member of the Board said.

Kamalyan noted that the document defines the criteria and  requirements for projects, borrowers, financial institutions, as well  as the procedure for the operation of the subsidizing mechanism,  including the responsibility of all participants in the process and  control over the targeted use of funds. In this regard, he said that  this autumn, this Regulation is expected to be signed at the level of  prime ministers of the EAEU countries.

According to the EEC, since 2019, industrial production in the Union  has grown by 7%. The volume of cooperative supplies between the  Member States increased by more than 1.5 times.