Members of the Mazhilis ratified a protocol regarding cooperation projects in the industrial sectors within the Eurasian Economic Union. The document aims to provide financial assistance for joint cooperation projects among EAEU member states. The protocol, signed in Moscow on May 25, 2023, is designed to support industrial projects by allocating funds from the EAEU budget.
The protocol establishes a legal framework for financing joint industrial projects using 10% of the total revenues from special, anti-dumping, and compensatory duties. This funding mechanism, approved through various EAEU councils and committees, will last for five years with a possibility of extension. Each project can receive a maximum subsidy of 1.89 million tenge per year, totaling 9.45 million tenge over five years.
The funds will be provided by the Eurasian Economic Commission to national financial institutions of EAEU member states and the Eurasian Development Bank as a subsidy at a 100% base rate not exceeding 6.5% above the commercial loan rate. The list of financial organizations eligible for funding was determined in December 2023, including 15 institutions from Kazakhstan, such as 11 second-tier banks and four subsidiaries of the Baiterek holding.
This initiative aims to boost industrial cooperation, increase mutual investments, create job opportunities, and enhance the resilience of production complexes within the EAEU. The protocol's ratification signifies Kazakhstan's commitment to fostering economic collaboration and development within the union.
