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Ex-Soviet association to set up bank 11:29, 23/06/2005, Associated Press
Leaders of an ex-Soviet economic association linking Russia, Belarus and three Central Asian nations on Wednesday agreed to set up a regional financing bank with an initial capital of $1.5 billion, Kazakh President Nursultan Nazarbayev said.
The Eurasian Economic Community, one of several overlapping regional organizations of the former Soviet Union, also pledged at a meeting in Moscow to continue efforts to form a free trade zone and harmonize customs tariffs.
The community`s three largest members, Russia, Belarus and Kazakhstan, also belong to the Common Economic Space (CES) together with Ukraine. But the future of that Moscow-led body is in doubt because the new pro-Western leadership in Ukraine is reluctant to pursue an integration drive with other former Soviet nations.
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