(MENAFN- AzerNews)
Qabil Ashirov read more 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.
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