Azerbaijan's side will contribute $25 million to Azerbaijani-Kyrgyz Development Fund's authorized capital, AzVision.az reports via Kyrgyz media.
The draft law on the ratification of the Agreement between the Cabinet of Ministers of Kyrgyzstan and the Government of Azerbaijan on the establishment of the Azerbaijan-Kyrgyz Development Fund was approved by the Committee on Budget, Economic and Fiscal Policy of Supreme Council of Kyrgyzstan.
The main objectives of the project are deepening and expanding trade, investment, and financial cooperation of the economic entities of Azerbaijan and Kyrgyzstan, as well as procurement of additional financial resources to insure a sustainable social-economic development of Kyrgyzstan.
The fund is going to finance self-sustaining projects in the priority areas of Kyrgyzstan’s economy by the allocation of loans to agricultural, clothing and textile, proceeding, mining, and metallurgical industries, as well as transport, housing construction, trade, energy, infrastructure, tourism, and others fields.
The fund is managed by the Foundation Council and the Foundation Board.
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