Tashkent, Uzbekistan (UzDaily.com) -- President of Azerbaijan Ilham Aliyev approved an intergovernmental agreement with Uzbekistan on the establishment of a joint investment fund.

The agreement was signed in February 2023 in Tashkent at a meeting of the joint Forum of Regions of Azerbaijan and Uzbekistan.

The initial size of the authorized capital of the fund will be US$500 million. The share of Azerbaijan in the capital of the new fund will be 75%, and Uzbekistan - 25%.

The Fund will lend to joint projects, including projects in third countries, creation of new jobs, strengthening trade turnover and industrial cooperation between Baku and Tashkent.