(MENAFN- Trend News Agency) BISHKEK, Kyrgyzstan, April 29. Most of theapplications sent to the Kyrgyzstan-Azerbaijan Development Fundrelate to small hydropower, the fund's board co-chairman, AlmazMambetov said, Trend reports.
"Of the applications submitted to the fund, hydropower projectscomprise 29 percent, followed by infrastructure projects at 22percent. Manufacturing constitutes 17 percent, agro-industry 13percent, and tourism 10 percent," he said.
According to the co-chairman, many applications have beenreceived since the fund was announced. To date, 42 applicationshave been received from 42 companies. The total number ofapplications exceeds $160 million. The fund is generating a lot ofinterest among entrepreneurs and businessmen.
"This marks the establishment of the fourth development fund inKyrgyzstan. Initially, there were Kyrgyz-Russian, Kyrgyz-Uzbek, andKyrgyz-Hungarian funds. Following the Azerbaijani fund, theKyrgyz-Emirati fund emerged," he emphasized.
On October 11, 2022, an agreement was inked to establish theKyrgyzstan-Azerbaijan Development Fund, initially with anauthorized capital of $25 million. By April 2024, this capital hadbeen augmented to $100 million.
The fund aims to foster economic growth in Kyrgyzstan,facilitate economic collaboration between Kyrgyzstan andAzerbaijan, and efficiently execute bilateral cooperationinitiatives.
Stay up-to-date with more news at Trend News Agency'sWhatsApp channel
MENAFN29042024000187011040ID1108150872
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.