Kyrgyzstan and Azerbaijan to create a joint development Fund

Baku/11.10.22/Turan:  On October 11,  within the frameworkls of the state visit of Azerbaijani President Ilham Aliyev to the Kyrgyz Republic, an Agreement d between the Cabinet of Ministers of the Kyrgyz Republic and the Government of the Republic of Azerbaijan on the establishment of the Kyrgyz-Azerbaijani Development Fund was signed.

The Azerbaijan-Kyrgyz Development Fund will be an international organization - a subject of international law, having international legal capacity and having the right to conclude international agreements.

The Fund was established to promote economic cooperation between Kyrgyzstan and Azerbaijan, modernize and develop the economy, and effectively use opportunities.

The authorized capital of the joint bilateral investment Fund between Kyrgyzstan and Azerbaijan is 25 million US dollars. The headquarters will be located in Bishkek.

The creation of the Fund will serve as an impetus for the activation and expansion of cooperation in the investment sphere, the website of the President of Kyrgyzstan notes.

The Fund invests in priority projects for the founders in Kyrgyzstan by providing loans and borrowings, participating in capital and using other financial instruments in relations with business entities registered and operating in the country, including in such areas as: agro-industrial complex, water supply sector, health sector, automotive industry, science, research and technology, gas industry, clothing and textile industry, mining and metallurgical industry, etc.