Bishkek, June 22 / Kabar /. The Saudi Development Fund will grant Kyrgyzstan $ 30 million for construction of schools, the press service of the Kyrgyz Parliament reported.
Deputies of the Jogorku Kenesh considered the bill "On ratification of the Credit Agreement between the Kyrgyz Republic and the Saudi Development Fund for the construction of public schools signed on May 17, 2017 in the city of Jeddah of the Kingdom of Saudi Arabia".
The aim of the project is to develop the educational sector and ensure the country's needs for educational services, as well as to meet the growing number of students by building and equipping several schools in different regions of the country. It is planned to build 16 schools in different regions of the country, with a capacity of 150 to 550 pupils.
It should be noted that the Saudi Development Fund provides 112.5 million Saudi riyals (approximately $ 30 million) to finance the project with the following terms: interest on the loan - 1% per year; loan maturity is 25 years, including a 5-year grace period. The loan will be repaid once in a half year, on May 15 and November 15 each year, starting from 2022 to 2042, and will not make a big burden on the state budget.
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