BISHKEK, Kyrgyzstan, March 11. Projects totaling $80 million are currently under consideration by the Azerbaijani-Kyrgyz Development Fund, said the co-chairman of the fund, Almaz Mambetov, during a meeting of the Committee on International Affairs, Defense, Security, and Migration of the Kyrgyzstan Parliament, Trend reports.
"We are currently reviewing these projects and may send some for revision or outright rejection. The majority of the submitted proposals attempt to develop tourism," he stated.
Mambetov further stated that initiatives under $1 million are evaluated and decided upon by the management board, while those over $1 million are decided upon by the board of directors.
The project now under consideration is an agreement on the terms of the Azerbaijan-Kyrgyz Development Fund's presence in Kyrgyzstan.
On October 11-12, 2022, the Cabinet of Ministers of Kyrgyzstan and the Government of Azerbaijan concluded an agreement to establish the Azerbaijani-Kyrgyz Development Fund.
The goal of establishing the fund is to promote economic cooperation between Kyrgyzstan and Azerbaijan, modernize and develop industry, and effectively utilize and expand bilateral economic cooperation. The fund will finance self-sustaining projects in priority sectors of the economy. The authorized capital of the fund is $25 million.