Opportunities for financing integration projects in the real economy in the Eurasian Economic Union were discussed at a meeting involving deputy finance ministers of EAEU countries and representatives of the Eurasian Development Bank, which was held at the Eurasian Economic Commission chaired by Chairman of the Eurasian Economic Commission Board Mikhail Myasnikovich.
Earlier, the heads of state of the EEU countries stated the need to create conditions for the development of industrial cooperation in terms of financing integration projects in the real sector, as well as to improve financial infrastructure and provide access to project financing in the form of long-term loans with a preferential interest rate.
As Mikhail Myasnikovich pointed out at the meeting, industrial production in the EAEU as a whole increased by 5.1% in 2021 compared to 2020. The biggest growth was recorded in Belarus (by 6.7%) and Russia (by 5.2%). Cooperative supplies within the Union increased by 33.9% in 2021. At the same time, he drew attention to the problem of insufficient investment and innovation activity in the EAEU. "Investment in fixed capital in the EAEU is significantly lower than the global average and ranges from 17% in Armenia to 25% in Kazakhstan. We need to increase the volume of investment by one and a half to two times, and even more in industry, increase the availability of financial resources for enterprises and create motivational mechanisms for development," said Mikhail Myasnikovich.
The industrial bloc of the European Economic Commission, together with the EAEU states, the Eurasian Development Bank, the Eurasian Fund for Stabilisation and Development and other development institutions of the EAEU countries, have developed financing mechanisms for industrial cooperation, which have been formalised as a separate report.
"This document proposes to consider the prospects of developing new mechanisms to support concessional integration financing in the union. First of all, we are talking about the possibility of reducing the interest rate on loans for businesses involved in cooperative projects in the EAEU, the use in this process of the possibilities of mixed financing, elaboration of mechanisms for a more active involvement of financial resources of the Eurasian Development Bank and the Eurasian Fund for Stabilization and Development," Artak Kamalian, member of the Board (Minister) for Industry and Agro-Industry of the European Economic Commission, said at the meeting.
Financing mechanisms for cooperation projects will be considered at meetings of the EAEU bodies in the first half of this year.