EAEU countries expand cooperation among enterprises

Joint cooperative industrial projects will be financed from the EAEU budget. The Mazhilis approved a draft law providing for the ratification of the protocol on the corresponding amendments to the EAEU treaty. Under the proposed mechanism, it is envisaged to use 10 percent of the funds received from the EAEU existing special duties. The funds will be provided in the form of subsidies at a rate of 100 percent of the base rate set by the national banks of the EAEU member states. At the same time, the maximum amount per project will be 1.89 billion tenge per year. Credits will be provided at a rate not exceeding 6.5 percent above the base rate. Projects must be implemented within a five-year period and must involve cooperation between at least three EAEU member countries. The project selection process will be conducted in several stages. Borrowers need to submit an application for consideration to a financial organization. There are 15 such institutions registered in Kazakhstan.

“The project is reviewed in due course by the Expert Group and the Advisory Committee on Industry of the Eurasian Economic Commission, as well as during sessions of the EEC Board and Council. Representatives of governmental agencies and business communities of the participating parties are involved at all stages of the project consideration. The decision to approve the project is reached by the EEC Council, with the participation of the Kazakh Deputy Prime Minister,” said Kanat Sharlapayev, Kazakh Minister of Industry and Construction.

Kazakhstan, Russia extend transportation of Russian oil to China for another decade

The Mazhilis ratified amendments to another draft law that envisages increasing the transit of Russian oil through Kazakhstan to China to 100 million tonnes by 2033. The MPs forwarded the document amending the relevant intergovernmental agreement between the two countries to the Senate, an Upper House of the Kazakh Parliament. This initiative is expected to generate over $1.7 billion for Kazakhstan over 10 years.

Web-editor: Aizhan