As part of the visit of the Government delegation of the Republic of Uzbekistan to the Kyrgyz Republic, the opening ceremony of the Uzbek-Kyrgyz Development Fund was held In Bishkek city. The event was attended by: Deputy Prime Minister – Minister of Investment and Foreign Trade S.Umurzakov on the Uzbek side and Chairman of the Cabinet of Ministers – Head of the Presidential Administration A.Zhaparov on the Kyrgyz side.
The priority task of the Fund’s activities is to finance investment projects aimed at implementing joint ventures in the fields of agriculture, industry, as well as transport and logistics. The implementation of these projects will contribute to the development of industrial cooperation and the creation of interconnected value chains between Uzbek and Kyrgyz producers through the use of competitive advantages of the economies of the two countries.
The Fund acts as a financing instrument, not only at its own expense, but also by attracting other commercial sources – international financial institutions, commercial banks, investment companies and funds.
Promising areas for further development of Uzbek-Kyrgyz investment cooperation are the agro-industrial complex, textiles, manufacturing, mining and metallurgical industries, transport, housing construction and energy.
The participants of the opening ceremony agreed in the near future to form and agree on a list of project initiatives for financing at the expense of the Fund, to develop step-by-step mechanisms for their implementation, fixing specific deadlines and responsible executives.
The Uzbek-Kyrgyz Development Fund was established in order to strengthen economic cooperation between the Republic of Uzbekistan and the Kyrgyz Republic, modernize and develop the economies of the two countries, as well as effectively use the opportunities of bilateral cooperation by financing priority mutually beneficial investment projects. The corresponding Agreement was ratified by both participating states in August (Kyrgyzstan) and November (Uzbekistan) 2021.