The Council of the Azerbaijan-Kyrgyz Development Fund (AKFR) approved financing for the construction of a small hydroelectric power station with a capacity of 9 MW in Kyrgyzstan.
As the Trend news agency reports, citing the Ministry of Economy and Commerce of Kyrgyzstan, the projects, including the construction of a modern garment factory with 300 jobs, were approved at the 4th meeting of the Foundation Council in Baku.
As a result of the meeting, the Fund’s investment policy and other documents necessary for its functioning were also approved. In addition, the concept of financing the construction of a multifunctional center was approved.
During the meeting, it was emphasized that trade and economic cooperation between Kyrgyzstan and Azerbaijan is entering a new stage and continues to develop in all directions.
In addition, the meeting participants gave instructions to continue active work on the formation of a portfolio of promising projects that correspond to the priority areas of the Fund.
Let us recall that the Azerbaijan-Kyrgyz fund was created in 2023 with an authorized capital of $25 million to promote economic cooperation between the two countries. During the state visit of the President of Kyrgyzstan to Baku on April 24, 2024, an additional agreement was signed that increased the authorized capital of the Fund to $100 million.
