greement on the Kyrgyz-Russian Fund for Development is sign Will this help us ?
24/11/14 10:48, Bishkek – 24.kg news agency, by Anastasia BENGARD
Agreement on the Kyrgyz-Russian Fund for Development is signed by the governments of Russia and Kyrgyzstan, the press service of the president of the KR reported.
According to it, the ceremony took place today in the presence of the President Almazbek Atambayev.
He stressed the importance of establishing a fund for the development of Kyrgyzstan's economy and its adaptation to the integration processes in Eurasia. Almazbek Atambayev stressed that the funds should be used for specific projects in various sectors, which will benefit both countries. As a priority, he said, should be projects in the field of logistics, sewing and processing industry, agriculture and mortgage lending.
The authorized capital of the Fund will be $500 million. The first $100 million will be received till December 31, 2014. Another $400 million - up to May 29, 2016. In addition, the Russian party undertakes to attract to the fund a highly preferential loan in the amount of $500 million to the International Development Association and without the guarantee of the government of the Kyrgyz Republic.
As noted, the agency is established for the purpose of implementing the Agreement between the Government of the Russian Federation and on the development of economic cooperation under the Eurasian Economic Integration, signed on May 29, 2014 in Astana (Kazakhstan).
The fund was established to promote economic cooperation between the two countries, modernization and economic development of the Kyrgyz Republic.
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