Azerbaijan's president approves capital increase of joint fund with Kyrgyzstan to $200 mln

BAKU. Oct 22 (Interfax) - Azerbaijan's President Ilham Aliyev has approved the doubling of the authorized capital of his country's joint development fund with Kyrgyzstan to $200 million.

The agreement to increase the Azerbaijan-Kyrgyzstan Development Fund's (AKDF) capital was reached during talks between the two countries' presidents on July 31.

Aliyev also approved the Azerbaijan-Kyrgyzstan agreement on international automobile transport.

The AKDF, which was established by and operates in accordance with a 2022 international agreement, currently has a portfolio of 29 projects worth $200 million at various stages of consideration. The fund's share of financing is $60 million. The fund has so far financed 11 projects totalling $76.7 million, providing 32% or $24.9 million of the financing.

Azerbaijan and Kyrgyzstan contribute equally to the fund's capital.