Azerbaijan–Kyrgyz Development Fund allocates over $14M for investment projects

As part of the activities of the Azerbaijan–Kyrgyz Development Fund, discussions were held on strengthening bilateral economic cooperation and implementing new projects, Report informs, referring to Azerbaijan's Ministry of Economy.

The discussions took place during the 6th meeting of the Azerbaijan–Kyrgyz Development Fund Council, held within the framework of a visit to Kyrgyzstan by Elnur Aliyev, First Deputy Minister of Economy and Chairman of the council.

During the meeting chaired by Elnur Aliyev, it was noted that the tasks set by the heads of both states to enhance economic cooperation are being successfully carried out.

It was highlighted that the Azerbaijan–Kyrgyz Development Fund serves as an important instrument in fostering friendship and economic partnership between the two countries. The projects implemented within the framework of the fund play a significant role in strengthening bilateral economic cooperation.

Cooperation with Kyrgyzstan is expanding across several areas, particularly in trade, investment, and transportation. Based on an additional agreement signed during the official visit of Kyrgyz President Sadyr Japarov to Azerbaijan on April 24, 2024, the fund's charter capital is planned to be increased to $100 million.

Currently, the fund has allocated $14.4 million in financing for four investment projects with a total value of $52.7 million. These include: the Tyup HES small hydroelectric power plant with a capacity of 9 MW; a multifunctional center within the Tanar Group social housing complex; the KG Tex sewing factory providing 300 jobs; and the Orion Grand carpet manufacturing plant.

The meeting also covered agenda items, regulatory documents governing the fund's operations, and upcoming projects.

During his visit, Elnur Aliyev reviewed the projects supported by the fund on-site. He also met with Kyrgyz Minister of Economy and Commerce Bakyt Sydykov to discuss expanding economic cooperation and investment activities between the two countries.

It was emphasized that relations between Azerbaijan and Kyrgyzstan have reached the level of strategic partnership, with economic ties forming a key pillar of this collaboration. The Azerbaijan–Kyrgyz Development Fund's activities and its implemented projects were highly praised for their contribution to strengthening the partnership. The importance of deepening cooperation in industry, tourism, and agriculture was also highlighted.

Both sides exchanged views on increasing trade turnover, stimulating investment flows, promoting industrial cooperation, and addressing mutually beneficial issues.