Kyrgyzstan, Azerbaijan to create joint development fund

As part of the state visit of the President of the Republic of Azerbaijan Ilham Aliyev to the Kyrgyz Republic, an agreement on the establishment of the Kyrgyz-Azerbaijani Development Fund was signed on October 11 between the governments of Kyrgyzstan and Azerbaijan.

The Azerbaijan-Kyrgyz Development Fund will be an international organization - a subject of international law, having international legal capacity and having the right to conclude international agreements, Caliber.Az reports with reference to the website of the President of Kyrgyzstan.

The fund was established to promote economic cooperation between Kyrgyzstan and Azerbaijan, modernize and develop the economy, and effectively use the opportunities.

The authorized capital of the joint bilateral investment fund between Kyrgyzstan and Azerbaijan is $25 million. The headquarters will be located in Bishkek.

The creation of the fund will serve as an impetus for the expansion of cooperation in the investment sphere.

The Fund invests in priority projects for the founders in Kyrgyzstan by providing loans and borrowings, participating in capital and using other financial instruments in relations with business entities registered and operating in the country, including in such areas as: agro-industrial complex, water supply sector, health sector, automotive industry, science, research and technology, gas industry, clothing and textile industry, mining and metallurgical industry, etc.