Bishkek, Feb. 9, 2023. /Kabar/. Kyrgyzstan will create a joint holding company with the United Arab Emirates (UAE).
At a meeting of the Jogorku Kenesh, the day before, the deputies considered the draft law “On ratification of the Cooperation Agreement between the Cabinet of Ministers, represented by the Ministry of Economy and Commerce, and the Abu Dhabi Development Fund regarding the creation of a Joint Holding Company in the Kyrgyz Republic, signed on October 31, 2022 in the city of Abu - Dhabi, UAE.
The bill was presented in the first reading by Minister of Economy and Commerce Daniyar Amangeldiev. He noted that according to the bill, a Joint Holding Company will be established to promote the development of investment cooperation between the Kyrgyz Republic and the UAE through the financing of investment projects in various sectors of the economy.
The company will invest in commercial business projects through financing projects from scratch, activating idle enterprises, entering the capital of existing enterprises, and providing loans. Each party will own 50% of the share capital. The authorized capital will amount to $100 million, followed by attraction of investments up to $1.2 billion.
During the discussion, deputy Suyunbek Omurzakov was interested in where the Joint Holding Company would be located, and deputy Ulugbek Ormonov indicated that this issue was not included in the contract. In turn, Daniyar Amangeldiev said that the office would be located in Bishkek, and noted that this was written in the annex to the contract. Deputy Nurzhigit Kadyrbek raised the issue of the composition of the board of directors.
Deputy Baktybek Sydykov, supporting the creation of a holding company, outlined the issue of the company's activities in accordance with Islamic principles of financing.
As a result of voting, the bill was adopted in three readings.
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