Kyrgyzstan, UAE create joint development fund with capital of $100 mln

Kyrgyzstan and the UAE will create a joint development fund with an authorized capital of $100 million, Kyrgyz Economy Minister Daniyar Amangeldiev said at a meeting of the Kyrgyz Parliament Committee on Budget, Economy and Fiscal Policy.

An agreement was reached between the Cabinet of Ministers of the Kyrgyz Republic and the government of the UAE to establish a joint holding company to ensure constant interaction, socio-economic development of the Kyrgyz Republic and mobilization of financial resources.

“The goals and objectives of the holding are to attract direct investment in the economy of the UAE and Kyrgyzstan by financing priority investment projects. The company’s work is aimed at supporting exports, attracting new technologies, modernizing industry, and developing regions.

The authorized capital of the fund will be about $100 million. In the future, it may reach $1 billion. It will work on the same principle as the Russian-Kyrgyz Development Fund, the money will be in the emirates, and if projects are approved, loans will be issued at 4-5% “, the minister said.

Amangeldiev also added that there will be three people on the board of the fund from the Kyrgyz side, two from the UAE, and three from the UAE and two from the Kyrgyz side on the board, because the main funds will be provided from the Arab fund.

inozPRESS.kg,
Oct. 25, 2022