BISHKEK, Kyrgyzstan, August 26. Kyrgyzstan and the OPEC Fund for International Development (OFID) have signed a framework agreement to enhance collaboration in the private sector, Trend reports.
According to the Ministry of Economy and Commerce of Kyrgyzstan, the agreement establishes the legal foundation for working with OFID on financing private sector projects. This includes:
- Providing loans and/or guarantees for project implementation.
- Acquiring shares in companies registered in the host country.
- Borrowing, storing, using, and managing financial resources.
- Operating accounts in any currency.
The ministry reports that OFID will make financing decisions for private sector initiatives based on its own project assessment.
Similar framework agreements have been signed with Azerbaijan, Georgia, Uzbekistan, Turkmenistan, and Tajikistan. Financing terms vary based on risks and market factors and are set individually for each project, starting from 1.5 percent.
Currently, OPEC has 11 member countries. The founding members are Venezuela, Iran, Iraq, Kuwait, and Saudi Arabia, while the full members are Qatar, Libya, the UAE, Algeria, Nigeria, and Angola.