24 Apr 2024 15:43

Azerbaijan and Kyrgyzstan to boost equity capital in joint development fund to $100 mln - President Aliyev

BAKU. April 24 (Interfax) - Azerbaijan and Kyrgyzstan plan to boost the equity capital of the Azerbaijan-Kyrgyzstan Development Fund fourfold to $100 million, Azerbaijani President Ilham Aliyev said.

In a joint statement to the media with Kyrgyz President Sadyr Japarov, Aliyev said that the two countries' respective governments had signed the corresponding protocol in Baku on Wednesday, stipulating an increase in the fund's equity capital.

"The document signed today stipulates increasing the equity capital in the joint fund fourfold from $25 million to $100 million, because there has been a large number of applications [from business entities], and over 40 of them have already been received," Aliyev said.

Aliyev said that Azerbaijan and Kyrgyzstan are actively collaborating in the trade and economic area.

As previously reported, Baku and Bishkek on October 11, 2022, signed an agreement on establishing the Azerbaijan-Kyrgyzstan Development Fund with equity capital of $25 million.

The purpose of establishing the fund is to promote economic cooperation between Kyrgyzstan and Azerbaijan, modernization, and economic development. The fund invests in the founders' priority projects in Kyrgyzstan by providing loans and borrowings, participating in capital, and using other financial instruments regarding business entities registered and operating in the country.

Priority areas for investment are the agro-industrial complex, the water supply sector, healthcare, the automotive industry, science, research and technology, the gas industry, the clothing and textile industry, and mining and metals.