BISHKEK (Government Cabinet press service) — The governments of Kyrgyzstan and Uzbekistan have signed an agreement on a joint development fund. The fund will be used to promote economic cooperation between the two countries for the modernization and development of the economy, and the efficient use of opportunities.

The headquarters of the Uzbek-Kyrgyz Development Fund is located in Bishkek. Its initial capital is $50 mln.

The Uzbek-Kyrgyz Development Fund will finance self-sustaining projects in priority sectors of the Kyrgyz economy by providing loans, equity participation and other financial instruments in relations with business entities registered and operating in the country, including the following areas:

• Agro-industrial complexes;
• Clothing and textile industry;
• Manufacturing industry;
• Mining and metallurgy industry;
• Transport;
• Housing construction;
• Trade;
• Entrepreneurship development;
• Energy sector;
• Infrastructure development;
• Tourism development.

The Fund will interact with international organisations, companies and development institutions to implement projects on the territory of the Kyrgyzstan, and will also provide technical assistance to the projects the Fund supports.