Bishkek, July 5, 2021 . / Kabar / . The Jogorku Kenesh (Kyrgyz Parliament) Committee on International Affairs, Defense and Security considered and approved in the third reading a draft law "On ratification of an Agreement between the Governments of Kyrgyzstan and Uzbekistan on the establishment of the Uzbek-Kyrgyz Development Fund, signed on March 11, 2021 in Tashkent", the press service of the Parliament reported Monday.
The initiator is the Cabinet of Ministers of the Kyrgyz Republic.
Based on the Agreement, the Uzbek-Kyrgyz Development Fund will be an international organization - a subject of international law with international legal capacity and the right to enter into international treaties.
The contribution to the authorized capital of the Fund by the Uzbek side will be USD 50 million with subsequent increase of the authorized capital to USD 200 million.
The Fund has been established to promote economic cooperation between Kyrgyzstan and Uzbekistan, the modernization and development of economies, and the effective use of opportunities for bilateral cooperation.
The Fund finances self-supporting projects in the priority sectors of Kyrgyzstan's economy by granting loans in the following areas:
- agro-industrial complex;
- clothing and textile industry;
- manufacturing industry;
- mining and metallurgical industry;
- transport;
- housing construction;
- commerce;
- energy complex;
- infrastructure development;
- tourism and other sectors.
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