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Agreement on Hungarian-Kyrgyz Development Fund ratified

President of Kyrgyzstan Sadyr Japarov signed a law on the ratification of an agreement between the governments of Kyrgyzstan and Hungary on a joint development fund, signed on April 8, 2021 in Bishkek. Press service of the President of the Kyrgyz Republic reported.

It is assumed that the Fund will finance self-sustaining projects in priority sectors of the economy of the Kyrgyz Republic by providing loans, participating in capital and using other financial instruments in relations with business entities registered and operating in the country.

Economic cooperation between Kyrgyzstan and Hungary, modernization and development of the economy, effective use of opportunities for bilateral cooperation are planned.

The Fund will be an international organization with a registered capital of $16 million with the intention of the Hungarian side to increase its authorized capital to $50 million. Share capital contributions are provided by Hungary.     

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