According to Ashymbekov, the participating states form a common fund by transferring funds from their national budgets, which are then used to compensate interest rates on approved projects.
“First, the subsidy goes to the bank, which then distributes it among enterprises as compensation for interest rates,” he clarified.
The head of the sector also noted that the process of obtaining a subsidy involves several sequential stages.
“The enterprise must gather the necessary documents and apply to a commercial bank operating within the framework of industrial cooperation. The bank checks the submitted documents, then a commission reviews the application. After that, the project undergoes approval in the state authorities of the participating countries, as well as in the relevant committee and board. Once approval is obtained, the funds are transferred to the bank for subsidization,” Ashymbekov explained.
The decision to allocate funds is ultimately made by the deputy prime ministers of the EAEU countries.
In addition, Ashymbekov added that businesses in Kyrgyzstan are provided with advisory assistance in preparing the necessary documents.
