The Kyrgyz Budget, Economic and Fiscal Policy Committee approved a project on the establishment of the Kyrgyz-Azerbaijani Development Fund, Azernews reports via the Kyrgyz parliament, Azeri news reports. 

The agreement on the establishment of the fund is planned to be signed as part of Azerbaijani President Ilham Aliyev’s state visit to Kyrgyzstan on October 11-12.

As part of the agreement, it is proposed to create a joint investment fund between Kyrgyzstan and Azerbaijan with an authorized capital of $25 million. Structural and schematic institutions will be similar to the work of funds established jointly by Kyrgyzstan with Uzbekistan and Hungary.

"The authorized capital of $25 million is contributed by Azerbaijan; in the future, it is planned to increase it up to $50 million. The headquarters will be located in Bishkek, the capital of Kyrgyzstan," the statement said.

Notably, the establishment of the fund will serve as an impetus for the intensification and expansion of investment cooperation between Kyrgyzstan and Azerbaijan.

Diplomatic relations between Azerbaijan and Kyrgyzstan were established on January 19, 1993. The embassy of Azerbaijan in Kyrgyzstan was established in October 2007, while the embassy of Kyrgyzstan in Azerbaijan was opened in October 2014.

In total, around 58 documents were signed between the two countries. The trade turnover between the two countries amounted to $9 million in 2021.