President Sadyr Japarov signed a law on ratification of the agreement on the establishment of the Uzbek-Kyrgyz Development Fund. Presidential press service reported.
According to it, the main purpose of the document signed between the governments of Kyrgyzstan and Uzbekistan is to carry out domestic procedures for ratification of the agreement.
The Fund will finance self-sustaining projects in priority sectors of the Kyrgyz economy by providing loans, participating in capital and using other financial instruments in relations with business entities registered and operating in Kyrgyzstan.
Economic cooperation between the two countries, modernization and development of the economy, effective use of the possibilities of bilateral cooperation is planned.
The Fund will be an international organization with an authorized capital of $ 50 million, which is contributed by Uzbekistan with its subsequent increase to $ 200 million.
The agreement on the establishment of the Fund with Uzbekistan was signed on March 11, 2021 during the visit of Sadyr Japarov to Tashkent.
