Uzbek-Kyrgyz Development Fund with charter capital of USD 50M inaugurated in Bishkek

Bishkek, April 14, 2022. / Kabar /. The Ala-Archa state residence is hosting on Thursday the ceremony of launching the Uzbek-Kyrgyz Development Fund with the participation of Chairman of the Cabinet of Ministers of Kyrgyzstan Akylbek Zhaparov and Deputy Prime Minister - Minister of Investment and Foreign Trade of Uzbekistan Sardor Umurzakov. In his speech, the head of the Kyrgyz Cabinet said that today's event is a striking example of the development of bilateral relations in the spirit of friendship, good neighborliness and strategic partnership. Akylbek Zhaparov also pointed out that under agreement signed between leaders of two countries during official visit of President of Kyrgyzstan Sadyr Zhaparov to Uzbekistan on March 11-12, 2021, regional economic integration is actively developing. The document on the establishment of the fund was signed on the basis of mutual interest in deepening and expanding trade, investment and financial relations of economic entities of the parties. The Fund has been established to promote economic cooperation between Kyrgyzstan and Uzbekistan, the modernization and development of the economy, the effective use of opportunities. The Uzbek-Kyrgyz Development Fund is managed by the board and management board of the Fund, its headquarters is located in Bishkek The Fund finances self-supporting projects in the priority sectors of Kyrgyzstan's economy by granting loans, participating in the capital and using other financial instruments in relations with economic entities registered and operating in the country, including in the following areas: - agro-industrial complex; - clothing and textile industry;; - manufacturing industry; - mining and metallurgical industry; - transport; - housing construction; - commerce; - development of entrepreneurship; - energy complex; - infrastructure development; - tourism development. The authorized capital of the Fund is $50 million.