Tashkent, Uzbekistan (UzDaily.com) - By the resolution of the President of the Republic of Uzbekistan approved the Agreement on the establishment of the Uzbek-Kyrgyz Development Fund, signed on 11 March 2021 in Tashkent by the governments of Uzbekistan and Kyrgyzstan.

The Resolution established that:

- Ministry of Investment and Foreign Trade of the Republic of Uzbekistan. is the competent authority responsible for the implementation of the Agreement;

- the members of the Council of the Uzbek-Kyrgyz Development Fund (UCDF) from Uzbekistan are the Deputy Prime Minister of the Republic of Uzbekistan. - Minister of ICT Sardor Umurzakov, First Deputy Minister of ICT Laziz Kudratov, as well as Deputy Minister of ICT - Executive Director of FRRUz Shukhrat Vafayev;

- the share of the government of Uzbekistan in the authorized capital of the UKFM is formed at the expense of the FRRUz funds, gradually allocated to the Ministry of ICT of Uzbekistan;

- The Fund for Reconstruction and Development of the Republic of Uzbekistan. instructed, together with the Ministry of Finance, interested ministries and departments, to submit proposals to the Cabinet of Ministers on amendments and additions to the Law of the Republic of Uzbekistan within a month. "On the state budget of the Republic of Uzbekistan for 2021" according to the funds allocated this year for the UKFM in accordance with this resolution.

According to the official website of the President of Kyrgyzstan, the UKFM will be an international organization with an authorized capital of US$50 million, which is contributed by Uzbekistan with the subsequent increase of the authorized capital to US$200 million. in capital and the use of other financial instruments in relations with economic entities of Kyrgyzstan. 

In August 2021, the President of Kyrgyzstan signed the law "On ratification of the Agreement between the Government of the Kyrgyz Republic and the Government of the Republic of Uzbekistan on the establishment of the Uzbek-Kyrgyz Development Fund, signed on 11 March 2021 in the city of Tashkent." 

At the same time, on 16 March, the Cabinet of Ministers of Kyrgyzstan reported that the headquarters of the Fund is located in Bishkek (Kyrgyz Republic), the Fund is managed by the Council and the Board of the Fund.