Ashymbekov noted that the Union members create a common fund, into which they contribute funds from their national budgets. These funds are then used to compensate interest rates for approved projects.
“The subsidy is sent to the bank, which, in turn, distributes it among enterprises as compensation for the interest rate,” he added.
He also spoke about the multi-step process of obtaining a subsidy.
“Initially, the enterprise prepares a package of documents and applies to a commercial bank operating within the framework of industrial cooperation. The bank checks the submitted documents, then a commission reviews the application, and the project undergoes approval in the government bodies of the participating countries, the relevant committee, and the board. After receiving approval, the funds are transferred to the bank to subsidize the interest rate on the loan,” Ashymbekov explained.
Ultimately, the decision on the application is made at the level of the deputy prime ministers of the EAEU countries.
In addition, Ashymbekov added that in Kyrgyzstan, businesses receive consulting assistance in preparing the necessary documents.
