DECISION OF COUNCIL OF HEADS OF GOVERNMENT OF COMMONWEALTH OF INDEPENDENT STATES

of November 14, 2008

About the Plan of the major actions aimed at the development and increase in efficiency of leasing in investment process of the Commonwealth of Independent States for the period till 2010

The Council of Heads of Government of the Commonwealth of Independent States solved:

1. Approve the Plan of the major actions aimed at the development and increase in efficiency of leasing in investment process of the Commonwealth of Independent States for the period till 2010 it (is applied).

2. Determine that coordination of actions for accomplishment of the Plan of the major actions aimed at the development and increase in efficiency of leasing in investment process of the Commonwealth of Independent States for the period till 2010 is performed by Leasing confederation (union) of the CIS.

3. Recommend to the governments of the State Parties of the CIS to use provisions of the specified Plan in practical work on development of interstate leasing in key industries of economy of the State Parties of the CIS.

4. To executive committee of the CIS together with Leasing confederation (union) of the CIS to inform CIS Economic Council on implementation of the Plan.

It is made in the city of Chisinau on November 14, 2008 in one authentic copy in Russian. The authentic copy is stored in Executive committee of the Commonwealth of Independent States which will send to each state which signed this Decision, its verified copy.

Approved by the Decision of Council of Heads of Government of the Commonwealth of Independent States of November 14, 2008

The plan of the major actions aimed at the development and increase in efficiency of leasing in investment process of the Commonwealth of Independent States for the period till 2010

I. General provisions

Main objective of the Plan of the major actions aimed at the development and increase in efficiency of leasing in investment process of the Commonwealth of Independent States for the period till 2010 (further - the Plan), is transition from legislative, methodological activities to real implementation of leasing as effective instrument of structural transformations in economy of the State Parties of the CIS, the mechanism of economic integration, organizational strengthening of leasing community of the Commonwealth.

Actions of the Plan are based on the principles and regulations fixed in the Convention on the international finance lease (1988), Conventions on interstate leasing (1998), the Model law "About Leasing" (2005), the Agreement on creation of favorable legal, economic and organizational conditions for expansion of leasing activities in the Commonwealth of Independent States (2005), Concepts of development of leasing of agricultural machinery, machines and mechanisms in the Commonwealth of Independent States (2004), the national legal system of the State Parties of the CIS.

The plan is developed in execution:

decisions of CIS Economic Council:

- of October 12, 2005 "About assistance to development of organizational and methodological base of leasing activities in the Commonwealth of Independent States";

- of March 17, 2006 "About implementation of actions, the legal basis directed to development, conditions and the mechanism of implementation of interstate leasing in the State Parties of the CIS in 2001-2005";

Decisions of Council of heads of states of the CIS of October 5, 2007 about the Concept of further development of the Commonwealth of Independent States and the Plan of the main actions for its realization in which questions of development of interstate leasing were among priority activities on further development of the Commonwealth.

The plan of the main actions for implementation of the Concept includes two tasks:

- "Development and approval of actions in accordance with the established procedure for development of leasing of agricultural machinery, machines and mechanisms by the interested State Parties of the CIS for the period till 2010" (item 1.5 "Development of the Total Market of Agricultural Products");

- "Consideration of questions of development and increase in efficiency of leasing in investment process of the Commonwealth of Independent States for the period till 2010" (item 1.14 "Creation of Favorable Legal, Economic and Organizational Conditions for Expansion of Leasing Activities in the CIS") with consideration of the matter at meeting of CIS Economic Council with the report to Council of CIS Heads of Government.

Need of development and implementation of actions of the Plan is dictated:

- the increasing needs for high-quality updating of fixed assets of structure-forming industries of economy of the State Parties of the CIS;

- the sharp need of the majority of the State Parties of the CIS for innovative technological updating and expansion of their technological base which equipment reached critical physical and moral wear;

- low investment capability of updating kapitalo-and the knowledge-intensive industries due to the lack of necessary free capital investments and current assets;

- need of recovery of activities of the companies of mechanical engineering and processing industry.

In world practice leasing as the effective investment tool allowing with other things being equal acquisitions of the machinery and equipment three times is widely used and more to reduce one-time capital investments and to be exempted from the related tax encumbrances to activate machine-building production, to bring improvements in social conditions.

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