Kazakhstan ratifies protocol to boost financial support for EAEU joint industrial projectsPresident of Kazakhstan Kassym-Jomart Tokayev has signed a law ratifying the protocol on amendments to the Treaty on the Eurasian Economic Union (EAEU) of May 29, 2014, aimed at providing financial assistance for joint industrial projects among EAEU member states.The protocol, concluded in Moscow on May 25, 2023, seeks to enhance cooperation, stimulate mutual investments, and increase the output of jointly produced goods.Kazakhstan's Minister of Industry and Construction, Kanat Sharlapaev, highlighted the development of a new financing mechanism to address the business communities' request for additional support tools.“This pilot financial assistance mechanism will run for five years, with potential extensions, if there are no objections from the member states. The source of funding is 10% of the total budget revenues of the member states from special, anti-dumping, and countervailing duties,” Sharlapayev said.The protocol establishes a subsidy limit of 1.890 billion tenge per project annually or 9.450 billion tenge over five years.Funds are provided by the Eurasian Economic Commission to national financial institutions and the Eurasian Development Bank, covering 100% of the base rate established by national banks, with commercial loan rates capped at 6.5% of the base rate.Fifteen financial organizations, including 11 commercial banks and four subsidiaries of Baiterek Holding, such as the Development Bank of Kazakhstan, the Damu Fund, the Industrial Development Fund, and the Qazaqstan Investment Corporation, are involved in this mechanism.Selection criteria for cooperation projects require the participation of enterprises from three or more member states, involvement of other countries through supply chains or investments, and production of goods originating in member states, with project durations not exceeding five years.Applications are accepted continuously, with the Eurasian Economic Commission reviewing them biannually, in April and October. (ICE ALMATY)

Fonte notizia: INTERFAX