BAKU, Azerbaijan, November 3. Azerbaijan-Kyrgyz Development Fund has allocated $14.4 million to four investment projects with a total value of $52.7 million, Trend reports via the Azerbaijani Ministry of Economy.
These are the projects of the nine MW Tyup HES small hydropower plant, the Tanar Group multifunctional center within the social housing complex, the KG Tex sewing factory with 300 workplaces, and the Orion Grand carpet production plant.
Within the framework of the activities of the Azerbaijan-Kyrgyz Development Fund, work was discussed to strengthen bilateral economic cooperation and implement new projects.
The First Deputy Minister of Economy, Chairman of the Board of the Azerbaijan-Kyrgyz Development Fund, Elnur Aliyev, paid a visit to Kyrgyzstan.
The 6th meeting of the Board of the Azerbaijan-Kyrgyz Development Fund was held within the framework of the visit.
The event was attended by members of the Board of the Fund and co-chairmen of the Board of Directors from both sides.
At the meeting chaired by Aliyev, it was noted that the implementation of the tasks set by the heads of state to strengthen cooperation in the economic sphere is successfully continuing.
The Azerbaijan-Kyrgyz Development Fund acts as an important tool in the development of friendship and economic partnership between the two countries.
The projects implemented within the framework of the fund's activities are of great importance in terms of strengthening bilateral economic cooperation. Cooperation with Kyrgyzstan is expanding in several areas, especially in economic-trade, investment, and transport.
According to the additional agreement signed during the official visit of the President of Kyrgyzstan, Sadyr Zhaparov, to Azerbaijan on April 24, 2024, it's planned to increase the authorized capital of the Azerbaijan-Kyrgyz Development Fund to $100 million.
The meeting discussed the issues on the agenda, the documents regulating the activities of the fund, and the projects to be implemented.
As part of the visit, Aliyev got acquainted with the projects implemented with the financial support of the Azerbaijan-Kyrgyz Development Fund. He met with the Minister of Economy and Commerce of Kyrgyzstan, Bakyt Sydykov, during the visit.
The meeting discussed the expansion of economic cooperation and the development of investment activity between the two countries, noting that relations between Azerbaijan and Kyrgyzstan have reached the level of strategic partnership, and economic relations constitute an important direction of this cooperation.
The contribution of the activities of the Azerbaijan-Kyrgyz Development Fund and the implemented projects to the strengthening of our partnership was highly appreciated. The importance of further deepening cooperation in the fields of industry, tourism, and agriculture was emphasized.
The parties exchanged views on increasing trade turnover, stimulating investment flows, industrial cooperation, and issues of mutual interest.
Stay up-to-date with more news on Trend News Agency's WhatsApp channel