EEC considers Kyrgyzstan’s initiative to establish new development institute

Bishkek, July 16, 2020. /Kabar/. The Eurasian Economic Commission (EEC) considered an initiative by Kyrgyzstan to establish a new development institute. As reported on the EEC website, at a first meeting of the working group on the establishment of the Development and Support Institute of the Eurasian Economic Union (EAEU) held on July 15, participants discussed the role of the new institute in the common system of existing structures, the legal framework for its operation and possible sources of funding. Earlier, the Kyrgyz Republic spoke out about the need to create a development institute in order to equalize the development levels of the EAEU states. Having considered the initiative, the EEC Council instructed the EEC Collegium to form a working group of representatives of the Union's authorities and authorized organizations. Head of the working group, EEC Minister for Integration and Macroeconomics Sergey Glazyev stressed that there are already development institutions of the Union in the EAEU, so at the first stage it is necessary to determine the place of the new institution in the common system. According to the Kyrgyz side, the purpose of the new institution is to reduce imbalances in the development of the EAEU countries, rapprochement of economies and the advance development of the Union as a whole. The development institute is expected to implement targeted development programs. This approach will lead to greater cohesion of the Union's countries and deeper integration. As a result of the meeting, an agreement was reached to work out a concept of the development institute, as well as to work out the issue of expanding the mandate of the Eurasian Stabilization and Development Fund. The results of the work will be submitted to the EEC Council for its consideration. The meeting was attended by representatives of the Union's authorities, EEC Ministers Oleg Pankratov and Timur Zhaksylykov, as well as invited experts from international development institutions and financial organizations.