Development of the EEU countries

21.08.2020

Representatives of the Kyrgyz Republic supported the creation of a new development institution in the EEU to finance investment projects and programs in order to equalize the levels of development of the EEU countries. At the same time, in their opinion, it is allowed to transfer the management of its funds to existing financial institutions.
 

However, the ECE noted that the amount of funds that Armenia and Kyrgyzstan need to reach the average level of development in the EEU exceeds the capabilities of regional financial institutions by an order of magnitude.
 
«According to the assessment of the Economic Commission for Europe, the amount of funds that Armenia and Kyrgyzstan need to reach the average level of development in the EEU exceeds by an order of magnitude the capabilities of regional financial institutions, such as the EDB and the EFSD,- said Sergey Glazyev, Head of the working group, Minister for Integration and Macroeconomics of the ECE. – In these circumstances, it is important to fully use the available financial resources and strengthen expert support for investment projects being developed».
 
Representatives of state bodies of the EEU countries suggested using the potential of the Eurasian Development Bank and the Eurasian Fund for Stabilization and Development more fully, as well as expanding their mandates if necessary.

Options for creating a new Institute of the Eurasian Economic Union, as well as the possibility of using the potential of existing financial institutions more fully, were considered at the next meeting of the profile working group.
 
Also, at the initiative of the Astana International Financial Center, a scientific and practical seminar with the participation of international and national development institutions is planned to be held in September this year to discuss the possibility of joining efforts in this area of cooperation.




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