EEC Works on Establishment of New Institute for Development and Support of EAEU

On 18 August, a special working group at its ordinary session discussed the options for the establishment of a new institution for the development and support of the Eurasian Economic Union, as well as the possibilities for a more comprehensive use of the existing financial institutions capacities.

Head of the working group and EEC Minister in charge of Integration and Macroeconomics Sergei Glazyev mentioned that according to the EEC evaluation, the amount of funds necessary for the Republic of Armenia and the Kyrgyz Republic to achieve the average development in the EAEU significantly exceeds the capabilities of regional financial institutions, such as the Eurasian Development Bank and the Eurasian Fund for Stabilization and Development.

As reported by the EEC, the representatives of the Kyrgyz Republic proposed establishing of a new EAEU development institution to finance investment projects and programs in order to equalize the development of the EAEU Member Nations. At the same time, the Kyrgyz representatives deemed possible the transferring of the management of its funds to the already operating financial institutions.

Representatives of the EAEU Member Nations public authorities proposed a more comprehensive use of the Eurasian Development Bank and the Eurasian Fund for Stabilization and Development capabilities, as well as expansion of their mandates.

Photo: http://www.eurasiancommission.org/