Establishment of the TRACECA Fund is one of the effective mechanisms for raising funds

This Working Group carries out its activities in accordance with the Decision of the 16th IGC of TRACECA, within which this initiative was conceptually supported.
 
Considering the importance of financing projects within TRACECA and the implementation of initiatives, the establishment of the Fund is an effective mechanism that will allow to raise funds that will be used exclusively in the interests of the MLA Parties and on their territory.

A number of countries have made proposals to finalize the text of the Rules regarding management mechanisms, financing procedure, issues of audit and termination of the fund's activities.
 
The participants of the meeting from Azerbaijan, Georgia, Iran, Kazakhstan, Kyrgyzstan, Moldova, Romania, Türkiye, Ukraine and Uzbekistan considered proposals for finalizing the text of the Rules of Operation of the TRACECA Fund.
 
The Working Group considered proposals defining the terms of consideration of applications for project financing, expediency of determining the maximum funding thresholds, terms of project implementation, as well as co-financing mechanisms with partial allocation of funds from the TRACECA Fund.

On the outcomes of discussions, the Permanent Secretariat will continue work on finalizing the text of the Rules of Operation of the Fund, considering the agreements reached and the positions voiced. The revised documents will be sent to the WG participants.
 

For reference:

• According to paragraph 9 of the Final Resolutions of the IGC TRACECA dated February 10, 2023, the IGC adopted the initiative on the establishment of the Fund, instructed the PS to create a Working Group to elaborate the documents and recommended their preparation for consideration and approval at the Seventeenth IGC Meeting.

• When preparing the draft Rules of Operation of the TRACECA Fund, a number of development funds and similar structural units operating under international organizations were considered and analysed, namely:

- Project Development Fund of the Organization of the Black Sea Economic Cooperation (BSEC Fund);
- International Development Fund of the Organization of Petroleum Exporting Countries (OPEC Fund);
- Technical Cooperation Fund of the International Atomic Energy Agency (IAEA Fund).