Azerbaijan-Kyrgyz Development Fund capital set to double to $200 mln

The charter capital of the Azerbaijan-Kyrgyz Development Fund is set to double to $200 million from $100 million, Azerbaijani lawmaker Zaur Shukurov said.

Speaking at a parliamentary committee meeting, Shukurov said the change was included in a second supplementary agreement to the October 11, 2022 agreement establishing the fund.

“The fund’s charter capital initially stood at $25 million. A supplementary agreement signed on April 24, 2024 increased it to $100 million, while the new amendments raise it to $200 million,” Shukurov said.

The increase would bring the Bishkek-based fund’s capital to eight times its original size. The fund was established to finance joint investment projects in Azerbaijan and Kyrgyzstan.

Shukurov also presented a new agreement regulating international road transport and transit between Azerbaijan and Kyrgyzstan.

He said the 24-article agreement was aimed at developing road links and transit through the two countries and simplifying transport conditions.

The agreement sets rules for passenger and freight transport by vehicles registered in the two countries. The parties retain the right to restrict transit shipments that could pose a threat to national security.

Shukurov said the road transport agreement would also contribute to the development of the Middle Corridor.

Both documents were signed in Cholpon-Ata on July 31 during Azerbaijani President Ilham Aliyev’s state visit to Kyrgyzstan. The draft laws have been proposed for consideration at a plenary session of parliament.

Gulnar Nazimgizi