During the IV meeting of the Azerbaijan-Kyrgyzstan Development Fund Council, the organization’s updated investment policy and an investment report on two projects were approved, along with discussions on other key matters, the Economy Ministry of Azerbaijan reported.
The meeting was chaired by Elnur Aliyev, the First Deputy Minister of Economy of Azerbaijan and Chairman of the Fund's Board.
"The meeting was attended by representatives of relevant governmental bodies from both Azerbaijan and Kyrgyzstan. It was emphasized that cooperation with the Kyrgyz Republic is expanding across several areas, including trade, investment, and transportation. The implementation of tasks set by the heads of state to strengthen economic cooperation continues successfully. Special attention is being given to the development of partnerships through the Azerbaijan-Kyrgyzstan Development Fund, established to support economic cooperation between the two countries. The Fund finances priority projects from businesses registered in Kyrgyzstan.
Following the additional agreement 'On Amendments to the Agreement between the Government of the Republic of Azerbaijan and the Cabinet of Ministers of the Kyrgyz Republic' signed in April of last year, plans are in place to raise the authorized capital of the Azerbaijan-Kyrgyzstan Development Fund to $100 million. In this regard, necessary steps are being taken to expedite the process. Currently, discussions are underway regarding investments in projects presented for financing through the Fund.
The meeting also approved the Fund’s updated investment policy, the budget for the upcoming year, organizational structure, staffing, and the investment report for two construction and energy sector projects. Other issues were discussed during the session, according to the Ministry of Economy," the ministry said.
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