The Times of Central Asia
Kyrgyzstan, June 12, 2003
[ 22:23 ]

Aga Khan Fund to Restore Loss Making Enterprises in Kyrgyzstan

BISHKEK. The Kyrgyz government will transfer several loss making enterprises to the Prince Aga Khan Fund for rehabilitation under an agreement signed last year that Kyrgyzstan's lower house of parliament has ratified.

First Deputy Finance Minister Emirlan Toromyrzayev told Interfax this would include enterprises in the mining, textile, pharmaceutical and other manufacturing industries that has received loans under government guarantees and are having financial problems.

"The fund will invest by buying shares or companies that are about to or have already gone bankrupt", he said. Toromyrzayev said the agreement would make it possible to attract private foreign investment to Kyrgyzstan without government guarantees.