BAKU, Azerbaijan, Aug. 18
By Klavdiya Romakayeva - Trend:
President of the Kyrgyz Republic Sadyr Japarov signed the law "On ratification of the Agreement between the government of Kyrgyzstan and the government of Uzbekistan on the establishment of the Uzbek-Kyrgyz Development Fund, signed on March 11, 2021, in the city of Tashkent," Trend reports with reference to the official website of the President of Kyrgyzstan.
It is reported that the main purpose of this law is to conduct domestic procedures for the ratification of the agreement between the governments of Kyrgyzstan and Uzbekistan on the establishment of the Uzbek-Kyrgyz Development Fund.
The Fund will finance self-sustaining projects in priority sectors of the Kyrgyz economy by providing loans, participating in the capital, and using other financial instruments in relations with business entities registered and operating in the territory of Kyrgyzstan.
In this regard, it is planned economic cooperation between Kyrgyzstan and Uzbekistan, modernization and development of the economy, effective use of opportunities for bilateral cooperation.
The fund will be an international organization with a charter capital of $50 million, which is contributed by Uzbekistan, followed by an increase in the authorized capital to $200 million.
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