BISHKEK, Kyrgyzstan, February 1. The Board of the Azerbaijan-Kyrgyzstan Development Fund (AKDF) has approved financing for the construction of a nine MW small hydropower plant in Kyrgyzstan, Trend reports via the Ministry of Economy and Commerce of Kyrgyzstan.
The projects, including the construction of a modern sewing factory with 300 jobs, were approved at the 4th meeting of the Fund’s Board in Baku.
Following the meeting, the Fund's investment policy and other documents necessary for its operation were also approved.
Additionally, the concept for financing the construction of a multifunctional center was approved.
The meeting emphasized that trade and economic cooperation between Kyrgyzstan and Azerbaijan is entering a new phase and continues to develop in all areas.
Furthermore, the meeting participants were instructed to continue active work on forming a portfolio of promising projects aligned with the fund's priority areas.
The Azerbaijan-Kyrgyzstan Fund was established in 2023 with an authorized capital of $25 million to promote economic cooperation between the two countries. During the state visit of the President of Kyrgyzstan to Baku on April 24, 2024, an additional agreement was signed, increasing the Fund's authorized capital to $100 million.
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