SFD signs two agreements to finance $130 million projects in Kyrgyzstan

Bishkek, April 24 /BNA /: The Saudi Fund for Development, represented by its CEO, Sultan bin Abdulrahman Al-Morshed, and the Ministry of Finance of the Kyrgyz Republic, represented by Finance Minister Almaz Bakitev, today. Signing two agreements funded by the Saudi Fund for Development through soft development loans worth $130 million.

And the Saudi Press Agency (SPA) stated that the signing ceremony was attended by the Saudi Deputy Ambassador to the Kyrgyz Republic, Saad Al-Dowayan, and a number of officials from both sides.

The first agreement includes financing the construction of 3,000 housing units covering an area of ​​about 255,000 square meters through a soft development loan of $100 million. The project aims to enhance the livelihoods of low-income families in Kyrgyzstan. The second agreement contributes to financing the Taraz-Talas Road Project (Phase 4), which aims to rebuild 93 kilometers of roads to improve road safety, reduce traffic accidents, and improve road quality. This US$ 30 million project was co-financed by several Arab Coordination Group funds.

The CEO of the Social Fund for Development emphasized that “these development agreements are an extension of the developing relationship between the Saudi Fund for Development and the Kyrgyz Republic, which extends for more than 12 years, as the government of the Kingdom of Saudi Arabia attaches great importance to supporting development in the Kyrgyz Republic through development projects and programs financed by the Fund Saudi Arabia for Development, which aims to achieve the goals of sustainable development, pointing out that the two agreements signed will contribute to achieving social growth, development and economic prosperity in the Kyrgyz Republic.

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Al-Murshed added: The Taraz-Tlass Road project reflects the importance of partnership and cooperation between development funds, to finance vital projects that contribute to achieving real and tangible benefits for the development of peoples and societies, in a way that supports the Sustainable Development Goals (SDGs). ). The Finance Minister of Kyrgyzstan, Almaz Bakitayev, expressed his gratitude to the Kingdom of Saudi Arabia for its support for the various development sectors in Kyrgyzstan through the Saudi Fund for Development to finance vital projects and programmes, explaining the importance of the two signed agreements and the developmental impact of the two projects on Kyrgyzstan and its people by contributing to achieving social stability and improving the infrastructure. Infrastructure, praising the development efforts made by the Kingdom of Saudi Arabia through the Social Fund for Development since 2011 in order to achieve sustainable growth in Kyrgyzstan.

It is noteworthy that since 2011, the Saudi Fund for Development has provided 10 soft development loans to the Kyrgyz Republic to finance the development of projects and programs with a value of up to 330 million dollars, in addition to a generous grant from the Government of the Kingdom of Saudi Arabia with an estimated value of 4 million dollars to contribute to the growth and prosperity of Kyrgyzstan and achieve the goals sustainable development (SDGs).


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