Tashkent, Uzbekistan (UzDaily.com) -- On 29 December, in the format of a video conference chaired by Deputy Prime Minister - Minister of Investment and Foreign Trade of the Republic of Uzbekistan Sardor Umurzakov, the first meeting of the Council of the Uzbek-Kyrgyz Development Fund was held.

The agenda of the meeting included a number of issues related to the organization of the Fund’s practical activities and financing of promising investment projects. During the meeting, the organizational structure, the budget of the Fund, as well as a number of internal regulatory documents determining the procedure for work, investment, credit and accounting policies of the Fund were considered and approved.

In accordance with the approved documents, the Fund acts as an instrument of financing promising investment projects, not only at its own expense, but also by attracting other commercial sources - international financial institutions, commercial banks, investment companies and funds.

The priority task of the Fund was identified - financing investment projects aimed at implementing joint ventures in agriculture, industry, as well as transport and logistics. The implementation of these projects will contribute to the development of industrial cooperation and the creation of interconnected value chains between Uzbek and Kyrgyz producers through the use of the competitive advantages of the economies of the two countries.

The Uzbek-Kyrgyz Development Fund was created to strengthen economic cooperation between the Republic of Uzbekistan and the Kyrgyz Republic, to modernize and develop the economies of the two countries, as well as to effectively use the opportunities for bilateral cooperation by financing priority mutually beneficial investment projects. The corresponding Agreement was ratified by both member states in November this year.