Sadyr Zhaparov ratifies agreement on Hungarian-Kyrgyz Development Fund

Bishkek, Sept. 7, 2021. / Kabar /. President of Kyrgyzstan Sadyr Zhaparov signed the Law "On the ratification of the Agreement between the government of the Kyrgyz Republic and the government of Hungary on the Hungarian-Kyrgyz Development Fund, signed on April 8, 2021 in Bishkek," the press service of the head of state reported. The purpose of this Law is to conduct domestic procedures for the ratification of the Agreement between the governments of Kyrgyzstan and Hungary on the Hungarian-Kyrgyz Development Fund. It is assumed that the Fund will finance self-sustaining projects in priority sectors of the Kyrgyz economy by providing loans, participating in capital and using other financial instruments in relations with business entities registered and operating in the country. In this regard, economic cooperation between Kyrgyzstan and Hungary, modernization and development of the economy, effective use of opportunities for bilateral cooperation are planned. The Fund will be an international organization with a charter capital of USD 16 million, with the intention of the Hungarian side to increase the share capital to USD 50 million. Share capital contributions are provided by Hungary.