Azerbaijan, Kyrgyzstan advance ties with new investment in energy and industry

The Azerbaijan-Kyrgyz Investment Fund has agreed to finance two major projects in Kyrgyzstan: the construction of a small hydroelectric power plant (HPP) and the establishment of a modern garment factory.

According to a statement from the Ministry of Economy and Commerce of Kyrgyzstan, the new HPP will have a capacity of 9 megawatts, while the garment factory is expected to create around 300 new jobs, Caliber.Az reports via local media.

Further details about the projects have yet to be disclosed.

This decision follows the approval of a new investment policy by the Azerbaijan-Kyrgyz Investment Fund on January 30, during the Fund’s fourth council meeting, which was chaired by Elnur Aliyev, the First Deputy Minister of Economy of Azerbaijan.

During the meeting, it was emphasized that economic, trade, investment, and transportation cooperation between Azerbaijan and Kyrgyzstan is growing stronger.

Additionally, under the Additional Agreement signed in April 2023, efforts are underway to increase the Fund's authorized capital to $100 million. Steps are being taken to expedite this process.

The council meeting also saw the approval of the Fund's budget for 2025, along with the organizational structure for the upcoming period. As part of the meeting’s decisions, the Fund committed to investing in two key sectors: construction and energy.

By Tamilla Hasanova