Bishkek, Oct. 17, 2025 /Kabar/. Over five years, the Russian-Kyrgyz Development Fund has financed projects worth $560 million, Artem Novikov, head of the fund, told Kabar News Agency.
According to him, the fund received $500 million in the first stage to form capital. The capital has been formed. The funds are managed by Kyrgyzstan.
"Before 2020, the funds allocated for project financing—and only 75 projects were approved over five years—represented $230 million in investments. And approximately $360 million was in securities of Russian companies. This money worked for the economy of another country. Although they were intended for the Kyrgyz economy, President Sadyr Zhaparov set the goal of comprehensively modernizing the fund's operations and development funds in general in 2021. We have done a great deal of modernization and generally amending regulatory documents, project financing policies, risk management policies, and personnel issues. And we transferred all the funds held in Russian company securities to Kyrgyzstan. Now, all of this money is in Kyrgyzstan and working for our country's economy," he said.
Novikov noted that these funds were generated by the Russian Federation. They were a grant amount that was transferred to the RKDF to finance projects exclusively within Kyrgyzstan, which are intended to contribute to the country's economic development and bring it up to par with the economies of the EAEU countries. The fund does not finance projects located outside the republic.
"Over five years, we have financed projects worth $560 million. And all of this money is circulating within the country," he emphasized.