Monday, March 4

Russia signed a budget investment agreement for Abkhazia and North Ossetia

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Budget investment contract: details of the document

Russia provides support to young republics, not only in political aspects, but also in financial aspects. The other day the state signed a budget investment agreement with Abkhazia and South Ossetia. According to the document, Russia will soon start implementing a number of projects aimed at economic development of the republics.
Investments are carried out within the framework of the previously concluded agreement on strategic partnership and support. Financing will be carried out in a number of segments of Abkhazia and South Ossetia. First and foremost, investments will be directed to the construction of infrastructure facilities. The republics need to develop such important spheres as education, healthcare, culture, so they are given special attention in the agreement.
Representatives of the countries hope that the new document will be one more step to strengthen business relations between Russia and the republics. It will also develop and improve the contractual legal framework aimed at strengthening the economies of Abkhazia and South Ossetia.
Russia provides comprehensive support to the republics, despite the fact that they are unrecognized throughout the world. In 2008, the Russian Federation and Abkhazia signed an agreement envisaging friendship and cooperation between the countries. This was one month after Russia recognized the republic’s independence. Already at that time, politicians began working to implement the legal framework, which allowed cooperation in all spheres.
After the ratification procedure the document came into force and close cooperation of partner parties started to develop socio-economic life of Abkhazia.

Throughout the whole period of the Republic’s existence, Russia has been providing substantial support, actively investing in the economy and facilitating the implementation of various projects. With its help social infrastructure facilities – schools, kindergartens – were built in Abkhazia. Funds have also been allocated to reform the energy sector and to repair roads. It should be noted that Russia regularly allocates funds to support the economy of the republic, helps and advises on important issues.
Another key area in which countries closely cooperate is security of Abkhazia and stability in the Transcaucasus. The republic defends its rights as an independent territory in the Geneva talks. This platform is the only international organization where the unrecognized republic can declare itself and defend its will. The purpose of such negotiations is to engage in dialogue with Georgia and sign a document that prohibits the use of force against Abkhazia.
Last year it was decided to start modernization of the military complex and Russia will provide financial support for this. The necessary document was signed by the Government and came into force.

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