Countries from the Eurasian Economic Community (EurAsEC) and Armenia on Tuesday approved a plan of joint measures, including the creation of a fund, to combat the ongoing global financial crisis.
The charter capital of the anti-crisis fund, which will be launched later this year, will be 10 billion U.S. dollars, Russian Prime Minister Vladimir Putin said. Russia will inject 7.5 billion dollars into the fund.
Deputy Prime Minister and Finance Minister Alexei Kudrin has been appointed chairman of the fund, the Interfax news agency reported.
EurAsEC member countries will receive the capital as sovereign loans and stabilization loans, said Putin.
"In addition, (funds) will be raised to finance intergovernmental investment projects," he added.
The EurAsEC, founded in May 2001, comprises Russia, Belarus, Kazakhstan, Kyrgyzstan and Tajikistan. Uzbekistan withdrew from the bloc last November.