Azerbaijan will contribute $25m to the authorized capital of the Azerbaijani-Kyrgyz Development Fund, Azernews reports, citing the Kyrgyz Economy Ministry.
The Kyrgyz Economy Ministry said that the Committee on Budget, Economic and Fiscal Policy of the Supreme Council (Jogorku Kenesh) approved a draft Law of the Kyrgyz Republic “On ratification of the Agreement between the Cabinet of Ministers of the Kyrgyz Republic and the Government of the Republic of Azerbaijan on the establishment of the Azerbaijani-Kyrgyz Development Fund”.
According to the ministry, the purpose of the agreement is to deepen and expand trade, investment, and financial relations between economic entities of Kyrgyzstan and Azerbaijan, as well as to mobilize additional financial resources to ensure the sustainable socio-economic development of Kyrgyzstan.
The fund will finance self-sustaining projects in priority sectors of the Kyrgyz economy by providing loans in areas such as the agro-industrial complex, clothing, and textile industry, manufacturing industry, mining and metallurgical industry, transport, housing construction, trade, energy complex, infrastructure development, tourism, and other sectors.
The fund is managed by the Foundation Council and the Foundation Board.
The document “On the establishment of Azerbaijani-Kyrgyz Development Fund” was signed in Bishkek on October 11, 2022, and Azerbaijani President Ilham Aliyev approved the agreement on December 1, 2022.