Russian Foreign Minister Sergei Lavrov and United Nations Development Program (UNDP) Administrator Helen Clark signed an agreement between the Russian government and UNDP in Moscow on June 11 to set up a trust fund.
The period of validity of the $25 million trust fund will expire in 2019, Lavrov said at the beginning of the meeting.
"We have just agreed upon setting up a trust fund, which the United Nations will mostly spend on our close neighbors on the CIS space. We are already helping Tajikistan, Kyrgyzstan, Armenia and Belarus via the United Nations Development Program, and the trust fund will foster our efforts and give a chance to assist other states that need help," Lavrov said.
A report posted on the Russian Foreign Ministry website on Thursday said that the trust fund agreement spelled out the procedure of money transfers, the size of donations, the mechanisms of control, administration and accounting, the selection criteria, and the procedures of approval of programs and projects.
"All of the above will ensure the efficiency, stability and fruitfulness of cooperation with the Program and sustain Russia's systemic and predictable donations to UNDP," the ministry said.
The fund will implement projects with the participation of interested Russian agencies, science and education establishments and NGOs assisting in international development programs.
"The Russian Foreign Ministry has been tasked to implement the agreement through interaction with federal executive agencies," the report said.
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