Kyrgyzstan and Armenia applied for accession to the Eurasian Economic Union, the international banking union chair Alexander Marychev stated at a May 15 financial forum in Bishkek.

"The agreement on the Eurasian Economic Union will be signed May 29 in Astana. The expansion of the Union will promote stronger economies in the member states. Though the agreement hasn’t been properly finalized, experts will continue working on it and introducing amendments even after it's adopted," Armenia Today quoted him as saying.

"Besides, creation of the Shanghai Cooperation Organization development bank is actively discussed, to extend major assistance and serve as a useful resource to support economies of the Customs Union member states," Marychev said.

After the European Economic Union creation deal is signed, the document will be ratified at national parliaments to come into effect January 1, 2015.