OREANDA-NEWS. As part of the Supreme Eurasian Economic Council's meeting at Heads of State level - members of the Eurasian Economic Union (EAEU), Vnesheconombank, Development Bank of the Republic of Belarus and the Kazakhstan Development Bank signed a Memorandum on Cooperation in Investment and Trade-Economic Sectors.

The Memorandum's implementation would promote sustainable economic development and stimulate trade-economic and investment cooperation between Union-member countries. The parties agreed to upgrade mechanisms for lending between the financing institutions, cooperate closely upon implementing joint investment projects and help to promote exports of products of EAEU member countries.

In order to efficiently organize interaction, a Council of EAEU Development Banks is expected to be established.

The Memorandum provides for a possibility to join it by financing institutions of other EAEU member states.

The Eurasian Economic Union is an international organization for regional economic integration. It has international legal personality and is established by the Treaty on the Eurasian Economic Union.

The Member-States of the Eurasian Economic Union are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic and the Russian Federation.

The Union was created to comprehensively upgrade, raise the competitiveness of and cooperation between the national economies, and to promote stable development.