Kyrgyzstan, Uzbekistan sign agreement on Uzbek-Kyrgyz Development Fund

Bishkek, March 16, 2021. / Kabar /. The Governments of Kyrgyzstan and Uzbekistan signed an Agreement on the Uzbek-Kyrgyz Development Fund, the press service of the Kyrgyz Government said on Tuesday. This document was signed as part of a state visit of Kyrgyz President Sadyr Zhaparov to Uzbekistan on March 11-12, 2021. The Fund, headquartered in Bishkek and managed by its Board of Directors and Management Board, is established to promote economic cooperation between Kyrgyzstan and Uzbekistan, modernization and development of economy, effective use of opportunities. The objectives, functions, structure and operating procedures of the Fund, as well as the competence and powers of its governing bodies are determined by the Charter. The Fund finances self-supporting projects in the priority sectors of Kyrgyzstan's economy, including in agro-industrial complex, clothing and textile industry, manufacturing industry, mining and metallurgical industry, transport, housing construction, commerce, development of entrepreneurship, energy complex, infrastructure development and tourism development. It interacts with international organizations, corporations and development institutions in order to implement projects in the territory of the Kyrgyz Republic, as well as provides technical assistance for projects supported by the Fund. The authorized capital of the Fund is $50 million