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Putin: Russia spent $700M to integrate Kyrgyzstan into Eurasian Economic Union

Putin: Russia spent $700M to integrate Kyrgyzstan into Eurasian Economic Union

MOSCOW (Sputnik) – “We allocated $200 million for this adaptation. We furthermore created a development fund in which Russia deposited another $500 million. In total 31 projects are being implemented. Several hundred are to be implemented soon,” Putin said in an interview to a Kyrgyz journalist, published by Russian RenTV broadcaster on Saturday.

The money was used to develop various sectors of the Kyrgyz economy and the Central Asian state’s large and medium businesses, Putin added, stressing that the decision to help Kyrgyzstan adapt to EAEU membership was made by the Russian and Kyrgyz leaders.

The EAEU is an international organization for regional economic integration, which includes Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia. The organization replaced the Eurasian Economic Community in 2014.

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Kyrgyzstan, one of the less developed stated of the bloc, joined the EAEU in August 2015, months after the other states joined in January that year. Its accession process included the adaptation of its economy to EAEU standards, as well as changes to its legislation and customs infrastructure.

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