The President Shavkat Mirziyoyev signed a decree approving the Agreement on the establishment of the Uzbek-Kyrgyz Development Fund (UKDF), signed in March this year in Tashkent by the governments of Uzbekistan and Kyrgyzstan.
Members of the Council of the Uzbek-Kyrgyz Development Fund from Uzbekistan are Minister of Investment and Foreign Trade Sardor Umurzakov, First Deputy Minister Laziz Kudratov, and Deputy Minister - Executive Director of the Fund for Reconstruction and Development (UFRD) Shukhrat Vafayev.
The share of the government of Uzbekistan in the authorized capital of the UKDF is formed at the expense of the FRRU
The Fund for Reconstruction and Development was instructed, together with the Ministry of Finance, interested ministries and departments, to submit proposals to the Cabinet of Ministers within a month on amendments and additions to the Uzbekistan’s State Budget for 2021 Law according to the funds allocated this year for the UKFM in accordance with this by decree.
UKDF will be an international organization with an authorized capital of US$ 50 million, which is contributed by Uzbekistan with the subsequent increase of the authorized capital to US$ 200 million. The Fund will finance projects in major sectors of the Kyrgyz economy by providing loans, participating in capital and using other financial instruments in relations with economic entities of Kyrgyzstan.