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Azerbaijan-Kyrgyz Development Fund reviewing new projects

11 March 2024 17:29 (UTC+04:00)
Azerbaijan-Kyrgyz Development Fund reviewing new projects
Fatime Letifova
Fatime Letifova
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Projects with a total value of 80 million US dollars are being considered for the Azerbaijan-Kyrgyz Development Fund, Azernews reports, citing the Fund.

The head of the fund, Almaz Mambetov, noted that the fund is reviewing projects.

"We are currently reviewing these projects. But we can send them back for reprocessing or reject some of them. Most of the submitted projects are aimed at the development of tourism," he said.

A. Mambetov added that projects worth up to 1 million US dollars are reviewed, and the decision on such projects is made by the board of directors.

It should be recalled that the agreement on the establishment of the Azerbaijan-Kyrgyz Development Fund was signed during the state visit of the President of Azerbaijan, Ilham Aliyev, to Kyrgyzstan on October 11-12, 2022. This fund was created for the purposes of promotion of economic cooperation between Kyrgyzstan and Azerbaijan, modernization and development of industry, efficiency, and expansion of bilateral economic cooperation.

The authorised capital of the fund is 25 million US dollars. Financing is carried out entirely by Azerbaijan.

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