Eurasian Development Bank issued the following announcement on May 14.

The Eurasian Development Bank (EDB), the Russian Export Center (REC), the Organizing Committee of the “Regions - Sustainable Development” Competition decided to conduct the annual international selection of investment projects “Eurasian Integration Competition”. The corresponding agreement was signed by Chairman of the EDB Board Andrei Belyaninov, General Director of JSC "REC" Veronika Nikishina and Chairman of the Organizing Committee of the Competition "Regions - Sustainable Development" Anna Belichenko. The initiative to hold the Eurasian Integration Competition and the signing of the agreement was supported by Artak Kamalyan, Minister for Industry and Agriculture of the Eurasian Economic Commission (EEC).

The Eurasian Integration Competition will be held annually. It is planned that the first selection of projects will begin on September 1 and will last until December 1, 2020. Investment projects with an integration effect will be considered by the organizers and partners of the competition for the subsequent provision of financial and non-financial support from the organizers of the Competition. When selecting projects, the emphasis will be on high-tech industries, agribusiness and the construction of infrastructure.

It is expected that the Eurasian competition "Integration" will provide for a number of forms of financial and non-financial support for projects, including:

investment financing;

insurance products at the investment and operational stages of the project;

financial and operational leasing;

trade finance;

consulting services, including the structuring of export projects;

the initiator of the investment project receiving national support measures from the EAEU member states.

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

“The Eurasian Development Bank is pleased to use the new opportunity for the development of member economies. Our classic customer service as part of this new initiative is complemented by the tools and capabilities of co-organizing colleagues. Perhaps here we can talk about a new development product that is important and relevant in difficult economic realities, ”commented the conclusion of the Cooperation Agreement, Andrei Belyaninov, Chairman of the Board of the EDB.

“In the current difficult period for the world economy, a restart of the investment cycle is necessary, which can be implemented in cooperation between governments, development institutions and the largest financial organizations of the EAEU. We believe that the Integration competition will become such an instrument of cooperation in the implementation of investment projects in the EAEU. Within the framework of the competition, the REC will be able to offer its participants specialized support measures and a wide range of tools from the REC group from consulting services to credit insurance products, which will enhance the integration of enterprises of the EAEU member states, ”said REC Director General Veronika Nikishina.

“Taking the initiative to launch the Eurasian Competition“ Integration ”, we are creating additional tools and prerequisites for the development of integration processes between the EAEU member states in the“ post-coronavirus ”period, support at the appropriate level of mutual investments and partnerships between entrepreneurs of the states that are members of the Eurasian Economic Union. We hope that our joint work and partnership with the Eurasian Economic Commission, national development institutions and government bodies will help to implement the decisions adopted by the presidents of the countries of the Supreme Eurasian Economic Council, ”said Anna Belichenko, Chairman of the Organizing Committee of the Competition“ Regions - Sustainable Development ”.

Original source can be found here.