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Russia allocates $1,200 bln for implementation of Roadmap on Kyrgyzstan’s accession to CU

30/05/14 07:20, Astana – 24.kg news agency, by Julia KOSTENKO

Russia allocates to the Development Fund of Kyrgyzstan $1 billion and $200 million for implementation of the Roadmap for accession to the Customs Union. Agreement on economic cooperation under the Eurasian Economic Integration was signed up between the Government of Kyrgyzstan and the Russian Federation.

The agreement states that the Government of the Kyrgyz Republic and the Russian Federation, taking into account the long-term interests of the states in the development of strategic cooperation, considering the intention of Kyrgyzstan to join the Customs Union, agreed within the Eurasian economic integration with regard to the interests of adaptation and sustainability of the economy of the Kyrgyz Republic to conditions of the contract legal framework of the CU to develop the interaction in agriculture complex, garment and textile, manufacturing, mining and metallurgy industries, transport, housing, trade, development of business and infrastructure.

Within five months (since signing the agreement) the parties will work out and adopt a program of cooperation within the Eurasian Economic Integration. For implementation of the agreement, the parties create a Kyrgyz-Russian Development Fund in the form of the international organization.

The Russian party creates capital fund in equal shares over two years on the following conditions: an authorized capital of $500 million and borrowed funds of less than $500 million. Borrowings for formation of the capital fund should be involved in conditions similar to those, provided by the International Development Association.

Decisions regarding the use of funds are made by representatives of the parties together. The management of the fund is carried out by the fund's council and the board. The Foundation Board is the supreme governing body, which conducts strategic management of its activities. It is composed of two representatives from the Kyrgyz side, and 3 representatives from the Russian. The structure of the Foundation Board consists of three representatives from the KR and two representatives from the Russian Federation.

The competence of the board of the fund will include review and approval of investment projects, the amount of which exceeds $10 million. Other issues, that are the responsibility of the Board, shall be determined by the fund statute. Each member of the board of the fund is endowed with one vote. Investment and credit policy is approved by unanimous decision of the Foundation Council with a quorum of 5 members of the board.

The competence of the Foundation Board also includes the development of investment and credit policies and other programs, preparation of proposals, concerning funding priority projects, making decisions on project funding of up to $10 million, preparation for consideration by the council fund conclusions on investment projects of more than $10 million. Other issues that are under the responsibility of the board of the fund shall be determined by the statute.

Each board member shall have one vote. Status, functions, structure and functioning order of the fund are determined by a certain agreement. The fund starts its activities not later than 3 months from the date of signing the agreement.

The Russian side, in addition to funds for development of the fund, allocates $200 million on a grant basis over two years to finance activities in accordance with implementation of the Roadmap, the plan of measures for joining the CU.

Amendments may be introduced to the agreement, which are formalized by separate protocols. It is temporarily applied after 30 days from the date of its signing and shall enter into force since the date of receipt through diplomatic channels of the last written notification on implementation of internal procedures necessary for its entry into force by both sides.

Recall, yesterday in Astana, Russia, Kazakhstan and Belarus signed an agreement on the Eurasian Economic Union, as well as approved the Roadmap on Kyrgyzstan's accession to the CU. The republic intends to join the union in 2015.

URL: http://www.eng.24.kg/news-stall/170754-news24.html
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