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EEC, EAEU financial institutions launch Eurasian business initiatives contest

The Eurasian Economic Commission (EEC) and financial institutions have launched a competition of Eurasian business initiatives. Press service of the EEC reported.

The relevant agreement, with the support of the industrial and agro-industrial bloc of the Eurasian Economic Commission, was signed by the Eurasian Development Bank, Russian Export Center and the organizing committee of the competition «Regions — Sustainable Development,» participants of which are Sberbank PJSC and Rosselkhozbank JSC. It is planned to conduct an international selection of investment projects in the framework of Integration Eurasian competition.

This is financial and other support for investment projects with an integration effect in the EAEU countries, assistance to entrepreneurs in cooperation and business scaling, access to new markets.

«The competition will become a significant and, I hope, an effective tool for implementing the integration agenda within the EAEU. Cooperation in the implementation of investment projects in our countries opens the way to wide opportunities for both industrial, scientific and technical cooperation, and for increasing mutual direct and debt investments,» Artak Kamalyan, Minister for Industry and Agriculture of the EEC, said.

Investment projects will be selected annually and considered as part of the development of several major integration areas. These are industry and agriculture, transport and logistics, ecology, tourism and culture, healthcare and medicine, innovation and digitalization, infrastructure.

The organizers plan to achieve consideration of at least 400 investment projects per year in two years and get approval for financing from banks of at least 40 investment projects. The annual volume of financing (lending) of investment projects will be at least 4 billion Russian rubles per year.

The Eurasian Economic Commission invites entrepreneurs of the Union countries to participate in the first stage of the competition in 2020.