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Thursday 25 June 2020

Saudi Loan of $35 mln for Issyk-Kul Road


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BISHKEK (24.kg) — Kyrgyz Parliament is today debating the ratification of a loan agreement between Kyrgyzstan and the Saudi Fund for Development. The document provides for reconstruction and rehabilitation of the Issyk-Kul ring road.

According to Deputy Minister of Transport and Roads Bakyt Berdaliev, the loan of $35 mln is given for 25 years:

Saudi Arabia gives the loan at the request of the Kyrgyz government. The agreement was signed in December 2019. The road reconstruction project was included in the National Development Strategy. The loan is given at 1%/annum. The warranty period is three years.

MP Dastan Bekeshev raised the question of whether the country would be able to repay the loan and how much foreign debt it currently owes. Deputy Finance Minister Almaz Azimov replied that as of April 30, Kyrgyzstan‚Äôs debt was $3.902 bln. To date, the exact figure has not yet been calculated, but preliminary estimates put the debt at about $4 bln.

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