The Azerbaijan-Kyrgyz Development Fund will start financing projects in Kyrgyzstan next year, Azernews reports.

The Minister of Economy and Trade of the Kyrgyz Republic Daniyar Amangeldiyev informed about this at the press conference held in the agency.

According to him, the funds for the implementation of the projects in 2023 were transferred to the accounts of the National Bank of Kyrgyzstan.

At the same time, the head of the Ministry of Economy noted that the volume of investments attracted to Kyrgyzstan through development funds increased by 50 percent this year.

It should be recalled that the Agreement on the establishment of the Azerbaijan-Kyrgyz Development Fund was signed during the state visit of the President of Azerbaijan Ilham Aliyev to Kyrgyzstan on October 11-12, 2022. This fund was created for the purpose of promotion of economic cooperation between Kyrgyzstan and Azerbaijan, modernization and development of industry, efficiency and expansion of bilateral economic cooperation.

The authorized capital of the fund is 25 million US dollars. Financing is carried out entirely by Azerbaijan.