Today, members of the Senate, an
Upper House of the Kazakh Parliament, have approved the ratification of a
protocol for financing joint cooperative projects within the Eurasian Economic
Union (EAEU). This protocol envisages the creation of new production facilities,
the modernization of existing ones, and the augmentation of production
capacities. It also aims to bolster mutual trade, exports, and investments
among EAEU member countries. Funding will be sourced from 10 percent of the
proceeds derived from special, anti-dumping, and compensatory duties collected
by the Union’s budgets. The maximum subsidy amount for one project is set at 1.8
billion tenge per year. Financial support is provided through second-tier banks
and development institutions, of which Kazakhstan has 15. Priority sectors for
financing have also been identified. Among them are the chemical,
metallurgical, and mechanical engineering industries.
“Ratification is necessary to
establish the legal framework and finance cooperation projects from the EAEU’s budget.
Presently, over 144 projects are in progress,” said Kazakh Deputy Minister of
Industry and Construction Zhannat Dubirova.
