Ak Jol parliamentary faction approves law defining Central Agency for Development shareholder of Development Fund.

The Ak Jol parliamentary faction today approved amendments to the law on Development Fund, which define the Central Agency for Development, Investments and Innovations as an agent of the government in management of shares of the Fund, as well as its shareholder and equity investor.The given amendments were presented by Minister of Economic Regulation Jenishbek Baiguttiev, who said that the amendments include provision on delivery of advisory, expertise and analytical services to the Central Agency for Development by the Development Fund.According to approved amendments, the Co-Chair of the Board of Directors of the Development Fund will be either the Director of the Central Agency or his deputy.The Minister of Economic Regulation reminded that the Development Fund was set up on 3 July 2009 in accordance with the executive order of the President. The Development Fund aims to improve efficiency of management of financial assets of the country for implementation of priority and strategic priorities ensuring the economic growth. The Development Fund has functions to provide financial resources for further investments into the national economy."This is the biggest corporation in Kyrgyzstan, which accumulates funds from different sources and directs them to finance priority projects," he said.

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