$500m Kyrgyz-Russian Development Fund gets official green light

2012-03-20_Almazbek_AtambayevKyrgyz-Russian Development Fund: The governments of Kyrgyzstan and Russia yesterday signed an agreement that will lead to the setting up of the Kyrgyz-Russian Development Fund whose main purpose will be to help modernise and develop Kyrgyzstan’s economy as it works towards Eurasian Economic Union integration. After the signing ceremony in Bishkek, Kyrgyzstan President Almazbek Atambayev said that the Development Fund should primarily focus on supporting Kyrgyz entrepreneurs and improving their competitiveness. The Fund should also be used to implement concrete projects in challenging areas such as logistics, the processing and textile industries, agriculture, and mortgage lending, he added. The charter capital of the Fund is $500 million, with Russia pledging to attract a further $500 million low-interest loan. Times of Central Asia