Kyrgyz-Kazakh private equity fund can be abolished

Almaty. July 14. SIlkroadnews - Kyrgystan and Kazakhstan are negotiating on the elimination of Kyrgyz-Kazakh private equity fund, reports KyrTAG.
"The funds will be used in other formats, perhaps the money will come in the form of technical assistance. The other way of reformation is the abolition. But the final decision is not accepted", - said KR Economy Minister Oleg Pankratov.
According to him, the fund has not implemented a single project because of the excessive demands of the organization. It was assumed that Kazakhstan would provide funding for 40 projects that will significantly affect the economic development of the Kyrgyz Republic. According to the statute, the minimum cost of the project, that was to be requested had to be be $3 million. According to Kyrgyz experts, the requirements are too high for business in Kyrgyzstan, which was the reason that the fund did not function.