Azerbaijan-Kyrgyz Development Fund Allocates $14.4 Million for Four Investment Projects

The Azerbaijan-Kyrgyz Development Fund has so far allocated $14.4 million for the implementation of four investment projects worth a total of $52.7 million.

The fund’s activities were discussed at the 6th meeting of its Board, held as part of the visit of Azerbaijan’s First Deputy Minister of Economy and Chairman of the Board, Elnur Aliyev, to Kyrgyzstan, The Caspian Post reports via the Azerbaijani Ministry of Economy.

Among the financed projects are:

The construction of the Tyup Hydropower Plant with a capacity of 9 MW;

A multifunctional center within the Tanar Group social housing complex;

The KG Tex garment factory, which will create 300 jobs;

And the Orion Grand carpet production plant.

During the meeting, participants exchanged views on boosting trade turnover, stimulating investment flows, and expanding industrial cooperation between the two nations.

The Ministry of Economy noted that cooperation between Azerbaijan and Kyrgyzstan continues expanding across several key areas - particularly in economy, trade, investment, and transport.

Under an additional agreement signed during Kyrgyz President Sadyr Japarov’s official visit to Azerbaijan on April 24, 2024, the fund’s authorized capital is set to increase from $25 million to $100 million, paving the way for new large-scale joint projects.