President of Kyrgyzstan Sadyr Japarov signed the law "On the ratification of the Agreement between the Cabinet of Ministers of the Kyrgyz Republic and the Azerbaijan-Kyrgyz Development Fund on the conditions for the stay of the Azerbaijan-Kyrgyz Development Fund on the territory of the Kyrgyz Republic," Report informs, citing the press service of the president.
The purpose of the law is to create favorable conditions for the activities of the development fund in the country.
The document notes that officials and employees of the fund who are not citizens of Kyrgyzstan enjoy the benefits and privileges provided to diplomatic representatives. The import of property for the use of the fund is exempt from customs duties and taxes.
The agreement to create the fund was reached during the state visit of Azerbaijani President Ilham Aliyev to Kyrgyzstan in October 2022. The authorized capital of the fund is $25 million.