The first formal session the Council of EEU Development Banks chaired by the Russian side was held in the city of Sochi on October 20, 2015.
In the attendance of the session were Vnesheconombank Chairman Vladimir Dmitriev, Board Chairman of OJSC Development Bank of the Republic of Belarus Sergei Rumas, Board Chairman of JSC the Kazakhstan Development Bank Bolat Zhamishev, Minister for Trade of the Eurasian Economic Commission Andrei Slepnev and Board Chairman of OJSC RSK-Bank Azizbek Omorkulov.
The Council of Banks agreed upon a joint action plan of EEU development institutions for enhancing cooperation in investment and trade-economic sectors. The session’s participants intend to work out joint programs of funding exports of products on a cooperative basis, explore the possibility of creating a bank of joint projects aimed at supporting high-tech and export-oriented production facilities with integration potential as well as regulate cooperation between EEU Development Banks upon selecting, examining and implementing joint projects.
In the course of the session, a Protocol was signedon OJSC RSK-Bank’s accession (Kyrgyzstan) to the Memorandum on cooperation in investment, trade and economic sectors between Vnesheconombank, Development Bank of the Republic of Belarus and the Kazakhstan Development Bank dated May 8, 2015. On behalf of OJSC RSK-Bank (Kyrgyzia), the Memorandum was signed by Board Chairman Azizbek Omorkulov.
The arrangements specified in the Memorandum are designed to contribute to sustainable economic development and encourage trade-economic and investment cooperation between member–countries within joint EEU joint projects, specifically, in providing support for exports.
The Eurasian Economic Union is an international organization for regional economic integration. It has international legal personality. The EAEU operates within the competence granted by the Member-States subject to the Treaty on the Union. Member states of the Eurasian Economic Union are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic and the Russian Federation. The Union is to create an environment for a stable development of the Member-States' economies in order to raise the living standards of their population, as well as to comprehensively upgrade and raise the competitiveness of and cooperation between the national economies.
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