DIscussions were held at the first meeting of the Azerbaijan-Kyrgyz Development Fund in the direction of starting functional activities.
It was the first meeting of the Council of Azerbaijan-Kyrgyz Development Fund in Cholpon-Ata, Kyrgyzstan.
Chairman of the Azerbaijan-Kyrgyz Development Fund Council, First Deputy Minister of Economy of Azerbaijan Elnur Aliyev making a speech at the meeting, recalled that the "Agreement on the establishment of the Azerbaijan-Kyrgyz Development Fund between the Government of the Republic of Azerbaijan and the Cabinet of Ministers of the Kyrgyz Republic" was signed by the head of state, Mr. Ilham Aliyev, during his state visit to Kyrgyzstan in October last year and stated that both sides have completed domestic procedures for the entry into force of this Agreement.
The Fund, which was created to support economic cooperation, modernization of the economy and effective use of opportunities, will invest in priority projects of business entities registered and operating in Kyrgyzstan in the agro-industrial complex, energy, horticulture, textiles, tourism and other fields using various financial instruments. The fund will support the joint activities of the business organizations of both countries and, as a result, will stimulate the development and expansion of relations between our countries.
Opinions were exchanged at the event on the financial instruments of the Fund. It was stated that these will be tools such as loans, grants, investments, and the purchase of shares, and the proportionality of the tools will be determined. The members of the Council discussed the preparation of the Road Map at the meeting, which provides the necessary framework for the issues to be resolved for the organization of the Fund's activities, as well as financing, the loan granting procedure, defining criteria for projects and other issues.
Note: The authorized capital of the Azerbaijan-Kyrgyz Development Fund, which will be located in Bishkek, is 25 million US dollars.
