Bishkek, Jan. 22, 2020. / Kabar /. President of Kyrgyzstan Sooronbay Jeenbekov signed the Law of the Kyrgyz Republic “On Ratification of the Credit Agreement between the Kyrgyz Republic and the Saudi Development Fund for the Development of Water Supply and Sanitation in Rural Areas Project,” signed on Sept. 10, 2019 in Bishkek, the Kyrgyz President’s press service said.
The law was adopted by the Jogorku Kenesh on Dec. 26, 2019.
According to this Law, the Ministry of Finance of the Kyrgyz Republic is required to notify the Saudi Development Fund in accordance with the established procedure of the implementation of domestic procedures necessary for the entry into force of the above Agreement by the Kyrgyz Republic.
The law shall enter into force 10 days after the date of its official publication.
The aim of the project is to improve the availability and quality of water supply in target rural communities, improve sanitation services in selected villages, and strengthen the capacity of institutions in the water supply and sanitation sector.
Funds for the implementation of the project are provided by the Saudi Development Fund in the amount of USD 30.0 million.
Lending terms for the Saudi Development Fund: a loan is provided for a period of 25 years, including with a 5-year grace period and an interest rate of 1% per annum. The project implementation period is 4.5 years.
Also, the project provides for co-financing of the Government of the Kyrgyz Republic in the amount of about USD 10.0 million.
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