Tashkent, Uzbekistan (UzDaily.com) -- President of the Kyrgyz Republic Sadyr Zhaparov signed the law “On the ratification of the Agreement between the Government of the Kyrgyz Republic and the Government of the Republic of Uzbekistan on the establishment of the Uzbek-Kyrgyz Development Fund, signed on March 11, 2021, in the city of Tashkent”, Dunyo news agency reported.

According to Kabar National News Agency, the law aims at conducting domestic procedures for the ratification of the intergovernmental agreement on the establishment of the Uzbek-Kyrgyz Development Fund.

The Fund will finance self-sustaining projects in priority sectors of the Kyrgyz economy by providing loans, participating in capital and using other financial instruments in relations with business entities registered and operating in Kyrgyzstan. 

The Fund is an international organization with a charter capital of $50 million, which is contributed by Uzbekistan with the subsequent increase of the charter capital to $200 million.