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Kyrgyzstan proposes to create development institution in EAEU

The Eurasian Economic Commission considered the initiative of Kyrgyzstan to create a new development institution. EEC website says.

During the first meeting of the working group on creation of an institute for development and support of the Eurasian Economic Union, its participants discussed the role of the new institution in the general system of existing structures, the legal basis for its functioning and possible sources of funding.

As the head of the working group, EEC Minister for Integration and Macroeconomics Sergei Glazyev stressed, the EAEU already has institutes for the development of the Union, therefore, at the first stage, it is necessary to determine the place of the new institution in the common system.

«To achieve the integration potential of the union, it is necessary to maximize the use of existing mechanisms and resources to support the development of economies and, possibly, to develop new approaches,» Sergei Glazyev noted.

According to the Kyrgyz side, the goal of the new institution is to reduce imbalances in the development of the EAEU countries, bring economies closer and faster development of the union as a whole.

It is assumed that the projected institute will be engaged in the implementation of targeted development programs. This approach will lead to an increase in the cohesion of the EAEU countries and deeper integration.

The participants of the working group also considered the prospects for expanding the instruments and mechanisms for financing programs and investment projects aimed at leveling the economic development of the Union states within the framework of the Eurasian Development Bank and the Eurasian Fund for Stabilization and Development, Russian Venture Company JSC, as well as using the opportunities and infrastructure of the International Astana Financial Center, Integration Club and the International Agency for Sovereign Development.

As a result of the meeting, an agreement was reached on the development of a concept of the development institution, as well as on the issue of expanding the mandate of the Eurasian Fund for Stabilization and Development. The results of the work will be presented to the EEC Council for consideration.