BAKU, Azerbaijan, October 24. Four investment applications have already been reviewed and received preliminary approval by the Azerbaijan-Kyrgyz Development Fund (AKDF), Minister of Economy and Commerce of Kyrgyzstan Bakyt Sydykov told Trend on the sidelines of the second meeting of the Organization of Turkic States (OTS) ministers of industry, science, technology, and innovation in Baku.
"Regarding bilateral funds, one already exists and is currently operating dynamically—AKDF. Four investment applications have already been reviewed and received preliminary approval," he said.
According to him, efforts are in full swing to pump this fund's capital up to a cool $100 million.
He explained that the current capital allocation is positioned
at $25 million, with anticipated influxes of supplementary funding
on the horizon.
Sydykov indicated that a convening of the Turkic Investment Fund is
on the agenda for the imminent future in Bishkek.
"I would like to take this opportunity to ask our businessmen, Azerbaijani-Kyrgyz joint ventures, and Azerbaijani investors to consider these two funds, especially the Azerbaijan-Kyrgyz Development Fund. If you plan to implement an investment project in Kyrgyzstan, Azerbaijan, or a third party, the AKDF will consider the financing," Sydykov added.
The Azerbaijan-Kyrgyz Development Fund (AKDF) is a financial institution established to promote economic cooperation, investment, and modernization between Azerbaijan and Kyrgyzstan by financing strategic projects in priority sectors like energy, tourism, and agriculture. With an initial authorized capital of $25 million, later increased to $100 million, the Fund uses various financial instruments to support businesses and stimulate bilateral trade and economic ties.
The Azerbaijan-Kyrgyz Development Fund (AKDF) was instantiated through the formalization of a bilateral agreement on October 11, 2022, coinciding with a state visit by the President of Azerbaijan to Kyrgyzstan. Subsequent to this foundational accord, a series of preliminary discussions and legislative ratifications ensued in the latter part of 2022 and the early months of 2023.
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