Armenian company `Metalstroy` joins cooperation project within  framework of EAEU industrial cooperation financing mechanism

ArmInfo.  The Armenian company Metalstroy, together with the Belarusian company Rukhservomotor and the Russian NPO Voyage, will launch high-tech production of components for railway transport, including high-speed trains, in the Russian  Federation. This was reported by the press service of the Eurasian  Economic Commission (EEC).

The project is reported to fully comply with the necessary criteria  stipulated by the Regulation on the Selection of Cooperation  Projects. According to the information, the Council of the Eurasian  Economic Commission (EEC) approved the provision of subsidies from  the budget of the Eurasian Economic Union (EAEU) for the  implementation of this project under the Industrial Cooperation  Financing Mechanism.  Project details are not being disclosed.

Metalstroy, based in Yerevan, is a leading provider of construction  services in Armenia, specializing in the construction of hangars,  industrial complexes, and residential buildings, with a variety of  options for using high-quality building materials. Meanwhile,  according to Goar Barseghyan, Minister of Industry and Agro-  Industrial Complex, this decision by the Commission Council is the  cumulative result of work on implementing the new supranational  financing instrument. "Two more projects have been added to the three  already approved this year. It is important that all member states  are participating in the projects. I am confident that the  implementation of the adopted initiatives will contribute to  achieving the main objective - the development of sustainable  economic ties between our countries," she said.

It is also worth noting that the EEC Council approved another  project, in which the Russian company Beshtau Electronics is  participating together with Nero Electronics LLC (Belarus) and  Kyrgyzstan Electronics LLC (Kyrgyzstan). The project is aimed at the  production of personal computer system units.  As previously  reported, on October 26, 2023, the Eurasian Intergovernmental Council  approved regulations on the selection of joint cooperation projects  in industrial sectors and the provision of financial assistance for  their implementation by EAEU states. Selection criteria include  meeting basic conditions. Specifically, a project may be considered  if its participants are enterprises from three or more EAEU countries  and the stated implementation period does not exceed five years. The  subsidy amount is equal to the key rate of the national currency in  which the project is financed.

The maximum subsidy amount per project per year cannot exceed the  equivalent of 350 million Russian rubles. 1.8 billion Russian rubles  were allocated for the implementation of such projects in 2024, and  up to 3.6 billion Russian rubles in 2025. The list of financial  institutions approved for participation in the financial assistance  mechanism includes 63 banks, eight development institutions, and the  Eurasian Development Bank.

To date, the EEC has received 16 applications for subsidies: 13 from  Russia, two from Kazakhstan, and one from Kyrgyzstan, with a total  value of approximately 17 billion Russian rubles. Five projects have  been approved. Other applications are at various stages of review.