The ceremony of launching the activities of Uzbekistan – Kyrgyzstan Development Fund was held at the Ala Archa State Residence with the participation of Deputy Prime Minister – Minister of Investments and Foreign Trade of Uzbekistan Sardor Umurzakov and the Chair of the Cabinet of Ministers of the Kyrgyz Republic Akylbek Zhaparov.

According to the Kyrgyz Kabar News Agency, Akylbek Zhaparov noted that the event is a vivid example of the development of bilateral relations in the spirit of friendship, good neighborliness and strategic partnership.

The Fund is established to promote economic cooperation between Kyrgyzstan and Uzbekistan, modernize and develop the economy, and effectively use opportunities.

The headquarters of the Fund is located in Bishkek, in turn, the management of the fund is carried out by the Council and the Board of the Fund.

It is clarified that the Fund finances self-sustaining projects in priority sectors of the economy of Kyrgyzstan by providing loans, participation in capital and using other financial instruments in relations with business entities registered and operating in the country, including in the agro-industrial complex, clothing and textile industries, manufacturing industry, mining and metallurgical industry, transport, housing construction, trade, business development, energy complex, infrastructure development, and tourism development.

The Fund will interact with international organizations, corporations and development institutions to implement projects in the territory of Kyrgyzstan, and will also provide technical assistance for projects supported by the Fund.

The authorized capital of the Fund is $50 million.

UzA