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A draft bill ?On ratification of agreement on economic cooperation between government of Kyrgyzstan and Aga-Khan Fund for Economic Development (AKFED), signed in October 2002, will submitted for consideration of the deputies of the People?s Representative Assembly of the Kyrgyz Parliament. This was disclosed during a meeting of the Committee of the Upper Chamber for international affairs with participation of the Speaker of the Chamber Altai Borubaev. According to the press service of the People?s Representative Assembly, First Deputy Finance Minister of Kyrgyzstan Emirlan Toromyrzaev noted at the meeting the necessity to approve the draft bill.
On June 3 the Legislative Assembly (Lower Chamber) ratified the draft bill. The agreement signed in Bishkek on October 31, 2002 during the Global Mountain Summit. Within the framework of the agreement, it is expected to attract foreign investments to Kyrgyzstan?s economy. The priority direction for foreign capital inflow is privatized enterprises of the republic. The agreement considers to open an office of the AKFED in Bishkek.
AKFEd is the economic development arm of the Aga Khan Development Network (AKDN), a group of private, non-denominational development agencies seeking to improve opportunities and living conditions in specific regions of the developing world, especially Africa and Asia. Present in Central Asia since 1995, AKFED is also involved in the microcredit and financial services sectors in Tajikistan and the Kyrgyz Republic. Active in the fields of industry, financial services, tourism development and infrastructure in eighteen countries across South and Central Asian and sub-Saharan Africa, AKFED operates as a network of affiliates with more than 90 separate project companies employing over 15,000 people and controlling assets in excess of US$ 1,5 billion.