AKIPRESS.COM - Russia will allocate $500 million to speed up Kyrgyzstan’s integration into the Eurasian Economic Union, RIA Novosti reported citing Russian Foreign Minister Sergei Lavrov.

“It will be Russia’s contribution into supporting the Kyrgyz economy so that it joined the Eurasian economic integration processes with maximum comfort,” Lavrov told journalists in Sochi following the results of the meeting between Russian President Vladimir Putin and his Kyrgyz counterpart Almazbek Atambayev.

Lavrov also stressed that the two countries had confirmed their plans in the sphere of military and technical cooperation in the framework of the Collective Security Treaty Organization.

Russia, Belarus and Kazakhstan signed the Eurasian Economic Union (EAU) Treaty on May 29, which is to enter into force on January 1, 2015. The union would create a single economic market of 170 million people.

Following the agreement between Russia, Belarus and Kazakhstan, President Atambayev said that Kyrgyzstan was planning to join the Eurasian Economic Union by the end of the year.