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Russia to allocate $500 mln to support Kyrgyz economy

13 August 2014 09:50 (UTC+04:00)
Russia to allocate $500 mln to support Kyrgyz economy

By Aynur Jafarova

Russia will allocate $500 million to support the Kyrgyz economy.

The allocated funds will allow Kyrgyzstan to prepare its economy for joining the Eurasian Economic Union (EEU), local media reported with reference to Russian Foreign Minister Sergey Lavrov on August 11.

"This is Russia's contribution in the support of the Kyrgyz economy in order to make its joining to the Eurasian economic integration processes as comfortable as possible," Lavrov noted following the meeting of the presidents of the two countries.

Russia and Kyrgyzstan confirmed their plans in the field of military-technical cooperation as a part of allied relations within the Collective Security Treaty Organization, as well as the agreements on the implementation of major projects in the energy sector, including Kambarata and Upper Narin Hydro Power Plants.

"Additional orders were agreed in order to speed up the resolution of the issues necessary for the implementation of these large hydropower projects," Lavrov said.

Russian-Kyrgyz economic and defense relations are strengthening at a steady pace. Russia ranks first in the Kyrgyzstan's trade turnover with 27.1 percent share, followed by Kazakhstan with 11.9 percent and Belarus with 1.6 percent.

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