of November 24, 2014
About the Kyrgyz-Russian Fund of development
The government of the Kyrgyz Republic and the Government of the Russian Federation which further are referred to as with the Parties
proceeding from mutual interest in deepening and expansion of the trade, investment and financial relations of business entities of the Parties,
in view of need of mobilization of additional financial resources for ensuring sustainable social and economic development of the Kyrgyz Republic,
being guided by article 2 of the Agreement between the Government of the Kyrgyz Republic and the Government of the Russian Federation about development of economic cooperation in the conditions of Eurasian economic integration of May 29, 2014,
agreed as follows:
The parties establish the Kyrgyz-Russian Fund of development (further referred to as - Fund) performing the activities according to Charter provisions (appendix No. 1) which is integral part of this agreement.
The headquarters of Fund is in the city of Bishkek, the Kyrgyz Republic.
Control of Fund is exercised by Council of Fund and Board of Fund.
The fund is founded for the purpose of assistance to economic cooperation between the Kyrgyz Republic and the Russian Federation, to upgrade and development of economy of the Kyrgyz Republic, effective use of the opportunities caused by participation of the Parties in Eurasian economic integration.
Tasks, functions, structure and procedure for functioning of Fund, and also competence and powers of its governing bodies are determined by the Charter.
1. The fund performs financing of self-sustaining projects in priority sectors of economy of the Kyrgyz Republic by provision of loans, equity participation and use of other financial instruments in the relations with the business entities registered and conducting the activities in the territory of the Kyrgyz Republic including in the following areas:
- agro-industrial complex;
- clothing and textile industry;
- processing industry;
- mining and metallurgical industry;
- housing construction;
- development of entrepreneurship;
- development of infrastructure.
2. The fund interacts with the international organizations, corporations and institutes of development for the purpose of projects implementation in the territory of the Kyrgyz Republic, and also renders technical assistance on the projects supported by Fund.
The authorized capital of Fund constitutes the amount, equivalent 500 000 000 (five hundred million) US dollars. The fee in US dollars and/or in Russian rubles is brought in the authorized capital in the following procedure.
The amount in US dollars and/or in Russian rubles, equivalent 100 000 000 (hundred million) US dollars, is transferred by the Russian side into the special account in National Bank of the Kyrgyz Republic after the signature of this agreement during the period till December 31, 2014 (inclusive). The procedure and conditions, and also the mode of use of the means enlisted in this respect are determined in the agreement between the Ministry of Finance of the Kyrgyz Republic, the Ministry of Finance of the Russian Federation and National Bank of the Kyrgyz Republic.
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