Azerbaijani-Kyrgyz Development Fund holds first meeting

The first meeting of the Azerbaijani-Kyrgyz Development Fund was held in the city of Cholpon-Ata, Kyrgyzstan.

The Azerbaijani Economy Ministry told Report.

Addressing the meeting, Chairman of the Council of the Azerbaijani-Kyrgyz Development Fund, First Deputy Minister of Economy of Azerbaijan Elnur Aliyev recalled that the “Agreement between the Government of the Republic of Azerbaijan and the Government of the Kyrgyz Republic on the establishment of the Azerbaijani-Kyrgyz Development Fund” was signed during the state visit of President Ilham Aliyev to Kyrgyzstan in October 2022, and domestic procedures for the entry into force of this agreement have already been completed.

The fund has been created to support economic cooperation, modernize the economy and effectively use opportunities. The fund's investments will be directed to projects of business entities registered in Kyrgyzstan. Priority projects in the fields of agro-industrial complex, energy, horticulture, textile industry, tourism and other areas will be accepted for consideration. The fund, supporting the joint activities of business structures, will contribute to the development and expansion of ties between countries.

During the event, the fund's financial instruments were discussed. It was noted that such instruments would include loans, grants, investments, acquisition of shares and others. Their proportionality will also be determined. The parties discussed the preparation of a roadmap outlining the framework for organizing the activities of the fund, as well as the procedures for financing and providing loans, defining criteria for projects and other issues.

Headquartered in Bishkek, the authorized capital of the Azerbaijan-Kyrgyz Development Fund is 25 million dollars.