The Russian-Kyrgyz Development Fund (RKDF) should become a full-fledged international financial institution. The Deputy Minister of Economic Development of the Russian Federation, appointed a member of the Council of the RKDF, Dmitry Volvach, said.
According to him, Russia is the leading trading partner of Kyrgyzstan, occupying the first place (more than 30 percent) in the republic’s foreign trade turnover. According to the results of the first quarter of 2022, the trade turnover between the countries increased by 28.2 percent compared to the same period in 2021 and reached $631 million.
«Despite the difficult foreign policy circumstances, we will make every effort to increase the achieved indicators this year,» Dmitry Volvach said and added that this would be facilitated by an increase in the share of the fund’s projects that promote economic cooperation between economic operators of the Russian Federation and the Kyrgyz Republic.
«When approving projects, it is necessary to proceed from the principles of the RKDF that loans, investments or other financing provided by the fund are used to purchase goods and services produced in the states of the parties, that is, mainly Russian products or products from the EAEU member states. It is necessary to contribute to an increase in the share of Russian products in the purchase of equipment and raw materials by the fund’s borrowers in order to achieve the goals of its work. In addition, it is important to note that the priority of the fund is to finance the integration projects of Russia and Kyrgyzstan in the EAEU space,» the Russian official stressed.
He also noted that the fund’s strategy should determine its unique niche in the financial market of the Kyrgyz Republic as an international development institution, be based on the national priorities of the country’s economic development, but take into account the goals of creation the RKDF.
«These practical steps should ensure the fulfillment of the set task — to complete the reform of the fund, bring its management system in line with the best corporate practices and standards, give the RKDF the status of a full-fledged international financial institution,» Dmitry Volvach added.
