Initial meeting in Uzbek-Kyrgyz Development Fund

The first meeting of the Council of the Uzbek-Kyrgyz Development Fund was held on December 29 in the form of a video conference chaired by the Deputy Prime Minister - Minister of Investment and Foreign Trade of the Republic of Uzbekistan S. Umurzakov.

Meeting agenda encompassed a number of issues related to the organization of practical activities of the Fund and the financing of promising investment projects. The event also considered and approved a number of internal regulations governing the organizational structure of the Fund, its budget, operating procedures, investment, credit and accounting policies.

According to the ratified documents, the Fund operates not only from its own funds, but also as a means of financing promising investment projects by enlisting funds from other commercial sources, including international financial institutions, commercial banks, investment companies and funds.
The Fund's activities are prioritized by financing investment projects targeted at forming joint ventures in agriculture, manufacturing, transportation, and logistics. The execution of these projects will aid in the elaboration of industrial cooperation by leveraging the two countries' competitive avails and creating interconnected value chains between Uzbek and Kyrgyz businesses.

P.S. The Uzbek-Kyrgyz Development Fund was established 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 relevant Agreement was ratified by both States Parties in November this year.