Hydropower Dominates List Of Applications To Kyrgyzstan-Azerbaijan Dev't Fund - Co-Chair

(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.

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