Kyrgyzstan, China look to set up joint development bank, economic development fund
BISHKEK. Jan 30 (Interfax) - Kyrgyzstan and China plan to set up a joint development bank and an economic development fund.
Kyrgyzstan's governmental information policy department told Interfax that the country's cabinet of ministers has approved a draft framework agreement between the Kyrgyz Economy Ministry and the Chinese Commerce Ministry's Association for International Cooperation. This document was signed on January 24 by Kyrgyz Prime Minister Zhantoro Satybaldiyev. It envisions cooperation in the financial sector with the creation of a Kyrgyz-Chinese development bank and economic development fund.
According to the agreement, the Kyrgyz government has instructed the Economy Ministry to get Chinese companies involved in the country's mining industry and air-transport logistics.
The Association for International Cooperation has expressed readiness to attract Chinese direct investments for projects in Kyrgyzstan and to provide assistance in the establishment of relations between businesses in the two countries. The association intends to set up offices in Bishkek for coordination and interaction in the implementation of joint investment projects.
The information policy department said that agreement on the signing of the draft agreement was reached during a visit to Bishkek by Premier of the State Council of the People's Republic of China Wen Jiabao on December 4 last year.
