BISHKEK, July 29. /Dunyo IA/. Over its 4 years of operation, Uzbekistan-Kyrgyzstan Development Fund has approved 37 projects in various sectors of the economy totalling more than $100 million, reports Dunyo IA correspondent.

As reported by the Kyrgyz National Information Agency “Kabar”, projects financed by the Fund include initiatives in the energy sector, transport, the social sector, financing for garment manufacturing enterprises, the supply of machinery and equipment, as well as the delivery of components from Uzbekistan and other countries to Kyrgyzstan.

“Of the 37 projects, 9 have been successfully completed. We have fully brought them to completion: the companies have repaid the entire loan amount to us and implemented their projects”, said Chairman of the Management Board of the Uzbek-Kyrgyz Development Fund Aziz Aaliev during the Uzbek-Kyrgyz Business Forum held in Bishkek.

Fund is currently working on 11 new projects with a total value of around $100 million.

“The objective of the Uzbek-Kyrgyz Development Fund is to bring together the business communities of the two countries, identify mutually beneficial export-import projects, and strengthen trade and economic cooperation”, he said.

Aziz Aaliev also noted that the Fund plans to expand its financing opportunities through the use of national currencies.

 “At present, we provide financing in US dollars, but we have recently received approval to also start financing in national currencies. This creates more comfortable conditions for our entrepreneurs, as dollar-denominated financing always involves currency risks”, Aziz Aaliev noted.

He also informed that the organization is moving towards the introduction of financing based on Islamic principles.