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The prime ministers of Eurasian Economic Union (EAEU) countries have approved regulations for selecting joint industrial cooperation projects and the rules for giving them financing support, Interfax reports.

Under the approved terms for subsidizing loans to finance cooperation projects, the size of the subsidy must be equal to the key (discount) interest rate in the country in which the financing is taking place and the maximum subsidy per project must not exceed the equivalent of 350 billion Russian rubles, the Eurasian Economic Commission (EEC) reported. The maximum interest rate charged by banks participating in the mechanism cannot exceed the key rate plus 6.5%.

EAEU countries plan to allocate 1.8 billion rubles to support cooperation projects next year, EEC Industry and Agriculture Minister Artak Kamalyan was quoted as saying in the press release.

"We hope the program to support cooperation projects will be launched next year. About 1.8 billion Russian rubles have already been provided for this in the union budget and we expect interesting project proposals for the full-fledged launch of the mechanism," Kamalyan said.

EAEU prime ministers also approved the criteria for selecting cooperation projects. Among other things, projects must involve three or more EAEU countries; be aimed at achieving one or several significant results, such as creating a new enterprise or modernizing an existing one, establishing a value chain, or increasing exports, trade or investment; and have a duration of no more than five years.

As cooperation projects are submitted, the EEC will compile lists of them and rank them in priority using a point system twice per year.