BISHKEK, Kyrgyzstan, April 29. Most of the applications sent to the Kyrgyzstan-Azerbaijan Development Fund relate to small hydropower, the fund's board co-chairman, Almaz Mambetov said, Trend reports.
"Of the applications submitted to the fund, hydropower projects comprise 29 percent, followed by infrastructure projects at 22 percent. Manufacturing constitutes 17 percent, agro-industry 13 percent, and tourism 10 percent," he said.
According to the co-chairman, many applications have been received since the fund was announced. To date, 42 applications have been received from 42 companies. The total number of applications exceeds $160 million. The fund is generating a lot of interest among entrepreneurs and businessmen.
"This marks the establishment of the fourth development fund in Kyrgyzstan. Initially, there were Kyrgyz-Russian, Kyrgyz-Uzbek, and Kyrgyz-Hungarian funds. Following the Azerbaijani fund, the Kyrgyz-Emirati fund emerged," he emphasized.
On October 11, 2022, an agreement was inked to establish the Kyrgyzstan-Azerbaijan Development Fund, initially with an authorized capital of $25 million. By April 2024, this capital had been augmented to $100 million.
The fund aims to foster economic growth in Kyrgyzstan, facilitate economic collaboration between Kyrgyzstan and Azerbaijan, and efficiently execute bilateral cooperation initiatives.
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