President ratifies budget support grant agreement with ADB

Bishkek, Nov.11, 2019. /Kabar/. Kyrgyz President Sooronbay Jeenbekov has signed the Law of the Kyrgyz Republic “On ratification of the Grant Agreement on the Program for the Promotion of Economic Diversification-Subprogram 1 between the Kyrgyz Republic and the Asian Development Bank (ADB), signed on Oct.8, 2019 in Bishkek”, his press service said.

The Law was adopted by the Jogorku Kenesh (Kyrgyz Parliament) on Oct.24, 2019.

The Asian Development Bank's Program for the Promotion Economic Diversification aims to support sustainable economic growth in Kyrgyzstan by creating conditions for increasing competitiveness in trade and investment, supporting small and medium-sized businesses and creating jobs.

Under this Agreement, Kyrgyzstan will be provided with financial assistance on a grant basis in the amount of $50 million. The financial means are intended to support the republican budget.

The Law comes into force from the date of its official publication.