Most EAEU nations prepared to compensate 100% of key rate in financing of industrial cooperation projects - EEC

MOSCOW. July 26 (Interfax) - The countries of the Eurasian Economic Union (EAEU) are continuing to discuss the terms of financial support for cooperation projects, and at the moment most of EAEU members agree to provide compensation in the amount of 100% of the key rate of the country where the project is implemented, official representative of the Eurasian Economic Commission (EEC) Iya Malkina said.

There are plans to finalize proposals on the terms of selection and financing of projects by autumn, when the procedure for supporting cooperation in the EAEU will be submitted to the intergovernmental council.

"The main condition agreed upon by the heads of state is that three or more countries should participate in the cooperation project. Most of the states currently support compensation in the amount of 100% of the key rate of national central banks for the implementation of cooperation projects, but this issue requires final agreement," Malkina said at a briefing on Wednesday.

According to her, support for the projects will be provided for five years without restriction for the implementation terms of the projects themselves.

EAEU countries earlier agreed to allocate about 1.5 billion rubles annually for the development of cooperation projects for five years starting in 2024. It is expected that support for cooperation projects in the real sector of the EAEU economy will be provided through subsidizing interest rates on loans and credits issued by international and national financial organizations.