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The presidential press service reported that Sadyr Japarov signed a law on August 18 to ratify an agreement on the creation of the Uzbek-Kyrgyz Development Fund.

As the press service explained, the new Fund will finance self-sustaining projects in priority sectors of the Kyrgyz economy. For this, the Fund will issue loans and provide participation in capital for the country’s businessmen.

“It is planned economic cooperation between Kyrgyzstan and Uzbekistan, modernization and development of the economy, effective use of opportunities for cooperation,” the message says.

The authorized capital of the Fund will be $ 50 million, which will be contributed by Uzbekistan, and then will bring this capital to $ 200 million.