Minister: Bishkek and Baku prepared projects over increasing capital of joint fund to $100M - EXCLUSIVE

Baku and Bishkek have already formed a pool of projects following the increase of the authorized capital of the Azerbaijan-Kyrgyzstan Development Fund to $100 million, Kyrgyzstan's Minister of Economy and Commerce Bakyt Sydykov told Report on the sidelines of the Annual Meeting and Business Forum of the Eurasian Development Bank (EDB).

"The pool of projects has already been formed. Currently, four projects are at the approval stage. Work is being carried out quite actively. In addition to the initial project applications, there are other initiatives that have already passed the preliminary selection," the minister said.

Speaking about the prospects of increasing Azerbaijani oil supplies to Kyrgyzstan, Sydykov noted that this is a relatively new area of cooperation that requires additional elaboration.

"Work on this issue is underway. For both countries, this is a new area of interaction. At the same time, there is a common understanding and readiness to move forward. The volumes of supplies have yet to be agreed upon: Kyrgyzstan has its own needs, and Azerbaijan has its own capabilities. Right now, it is important to find the optimal balance," he emphasized.

According to the minister, at this stage, the parties are focused on expanding trade and economic ties.

"What can our countries trade? I think, first and foremost, it is necessary to build up a critical mass of trade turnover and establish sustainable ties between companies and businesses. After that, it will be possible to move on to discussing specific investment projects," Sydykov noted.

In addition, the minister confirmed Kyrgyzstan's interest in developing the Trans-Caspian International Transport Route (the Middle Corridor).

"We are very interested in participating in this project. Kyrgyzstan has something to offer. In particular, we are talking about the so-called Southern Branch - the China-Kyrgyzstan-Uzbekistan railway currently under construction," Sydykov summarized.