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The Parliament of the Kyrgyz Republic on June 30 in the second reading considered the ratification of the agreement on the establishment of the Uzbek-Kyrgyz Development Fund., TOTAL.KZ reported.

According to the press service of the parliament, the Uzbek side is contributing the authorized capital of this fund in the amount of $50 million, 24.kg reports.

It is planned to gradually increase it to $200 million. At the same time, the headquarters of the fund will be located in Bishkek, the Cabinet of Ministers of the Kyrgyz Republic reported earlier.

The task of the fund, according to official reports, was to finance self-sustaining projects in priority sectors of the Kyrgyz economy by providing loans in such areas as the agro-industrial complex, clothing and textiles, as well as the mining and metallurgical industries. In addition, entities working in the fields of transport, housing construction, trade, energy complex, tourism and so on can count on loans.