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Azerbaijan to allocate over $125M on formation of authorized capital in joint investment funds

Economy Materials 7 June 2023 14:18 (UTC +04:00)
Sadraddin Aghjayev
Sadraddin Aghjayev
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BAKU, Azerbaijan, June 7. Azerbaijan plans to allocate 212.5 million manat ($124.8 million) from the state budget for the formation of the authorized capital of joint investment funds with Turkic-speaking countries n 2023, the Ministry of Finance of Azerbaijan told Trend.

These are joint funds with Uzbekistan and Kyrgyzstan.

Azerbaijan and Uzbekistan signed an agreement on the establishment of a joint investment fund on February 24, 2023. Azerbaijan's share in the fund's capital will be 75 percent, and Uzbekistan's - 25 percent.

It is expected that the authorized capital of the fund will amount to $500 million.

An agreement was signed on the establishment of the Azerbaijan-Kyrgyz Development Fund on October 11, 2022. The authorized capital of this joint investment fund with headquarters in Bishkek will amount to $25 million.

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