Kyrgyzstan ratifies agreement on establishment of Uzbek-Kyrgyz Development Fund

Bishkek, Aug. 18, 2021. / Kabar /. President of Kyrgyzstan Sadyr Zhaparov signed the Law of the Kyrgyz Republic "On ratification of the Agreement between the Government of the Kyrgyz Republic and the Government of the Republic of Uzbekistan on the establishment of the Uzbek-Kyrgyz Development Fund, signed on March 11, 2021 in the city of Tashkent." The press service of the Kyrgyz President said that the main purpose of this Law is to conduct domestic procedures for the ratification of the Agreement between the Governments of Kyrgyzstan and Uzbekistan on the establishment of the Uzbek-Kyrgyz Development Fund. 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 Kyrgyzstan. In this connection, economic cooperation is planned between Kyrgyzstan and Uzbekistan, modernization and development of the economy, effective use of opportunities for bilateral cooperation. The Fund will be an international organization with a charter capital of USD 50 million, which is contributed by Uzbekistan with the subsequent increase of the charter capital to USD 200 million.