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Kyrgyzstan approves deal to host joint fund with Azerbaijan on its territory

BISHKEK, Kyrgyzstan, April 22. President of Kyrgyzstan Sadyr Zhaparov has signed a law on ratification of the agreement between the Cabinet of Ministers of Kyrgyzstan and the Azerbaijani-Kyrgyz Development Fund on the conditions of the fund's stay in Kyrgyzstan, TurkicWorld reports.

The goal of this law is to create ideal conditions for the Azerbaijani-Kyrgyz Development Fund's activities on the country's territory.

The agreement underscores the inviolability of the Fund's facilities, stating that representatives of Kyrgyzstan's state structures may only enter with the permission of the Fund's Azerbaijani and Kyrgyz co-chairmen.

Furthermore, it allows Fund staff and officials who are not Kyrgyz citizens the same privileges and immunities as similar diplomatic representatives under international law and Kyrgyzstan's current practices.

Imported items and other property designated for official use by the Fund are also exempt from customs duties, taxes, and associated charges in Kyrgyzstan, following the established procedures for international organizations and their offices.

On October 11, 2022, the "Agreement on the Establishment of the Azerbaijan-Kyrgyz Development Fund" was signed.

The authorized capital of the Azerbaijan-Kyrgyz Development Fund stands at $25 million.

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