TASHKENT, Uzbekistan, August 23. The volume of investments for the projects we have envisioned and already contracted significantly exceeds the capacity of the fund, President of Azerbaijan Ilham Aliyev said during the third meeting of the Supreme Interstate Council of the Republic of Azerbaijan and the Republic of Uzbekistan, Trend's special correspondent reports.
"I have been informed that out of $500 million, approximately $160 million have already been allocated. Naturally, I believe we will utilize these funds soon and define new avenues of cooperation. I must also mention that Azerbaijan has such formats of cooperation with various countries. However, I would say that the most efficient and results-oriented fund is precisely the Uzbekistan–Azerbaijan Investment Fund. Yet, the volume of investments for the projects we have envisioned and already contracted significantly exceeds the capacity of the fund. It was mentioned in this presentation that an investment of $5 billion is planned for Uzbekistan's tourism sector alone. Furthermore, the projects being implemented in Tashkent — hotel complexes and residential complexes — fall outside the scope of this Investment Fund. Therefore, looking at the overall investment portfolio, we see that it is considerably larger than the $500 million we initially established," he added.
