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.
