The opening of the Hungarian-Kyrgyz Development Fund
On November 5, 2021, the official launch ceremony of the Hungarian-Kyrgyz Development Fund was held at the Orion Hotel with the participation of Minister of Economy and Commerce of the Kyrgyz Republic Daniyar Amangeldiev, Minister of Foreign Affairs and Trade of Hungary Péter Szijjártó , as well as representatives of the Board and Council of the Hungarian-Kyrgyz Development Fund.
Mr. P.Szijjártó noted that during his official visit to the Kyrgyz Republic on April 8, 2021, an Agreement on the establishment of a joint development fund was signed between the Governments of the two countries. Within the framework of this fund, it is planned to implement investment projects that are important for the economy of Kyrgyzstan. The fund will promote the creation of joint productions and enterprises.
The Fund is an effective platform for attracting investments and implementing investment projects, and its creation will contribute to the development of small and medium-sized businesses in the Kyrgyz Republic, especially in the post-pandemic period.
On behalf of the Government of the Kyrgyz Republic, and personally, Minister D. Amangeldiev noted that the Kyrgyz Republic and Hungary are connected by centuries-old trade, economic, social and cultural relations.
Such historical ties of strategic partnership, as well as the presence of Hungary in the European Union, the membership of the Kyrgyz Republic in the Eurasian Economic Union, open up opportunities for using these platforms to increase cooperation by strengthening business cooperation, cooperation of joint ventures, which will further significantly expand joint export opportunities.
The Minister also expressed confidence that the launch of the Fund's activities will help offset the impact of the pandemic on the economic situation of our country, and in particular, attract investment to the Kyrgyz Republic from Hungary, which in turn is important for further deepening mutually beneficial economic cooperation and will entail a positive multiplier effect, as well as create favorable conditions for doing business.
For nowadays, the share capital of the Fund is $16 million, and in the future it is planned to increase the share capital to $50 million. The Fund is an effective platform for attracting investments and implementing investment projects, and its creation will make a significant contribution to the development of small and medium-sized businesses in the Kyrgyz Republic, especially in the post-pandemic period.
The Board of Directors of the Fund consists of 5 people: 3 representatives from the Kyrgyz side, 2 representatives from the Hungarian side. The Order of the Chairman of the Cabinet of Ministers of the Kyrgyz Republic approved the composition of the Council and the Board of the Fund. The headquarters of the Fund will be located in the city of Bishkek, for which a building has already been prepared.
On November 4, the first meeting of the Board of Directors of the Fund was held, following the results of the meeting, the participants adopted a number of decisions.
