BISHKEK: The Saudi Fund for Development, represented by its CEO, Sultan bin Abdulrahman Al-Marshad, signed two agreements today in the Kyrgyz capital, Bishkek, with the Kyrgyzstan Minister of Finance Almaz Baketaev, through soft development loans worth $130 million funded by the Saudi Fund for Development. The signing ceremony was attended by Saudi Deputy Ambassador to the Kyrgyz Republic Saad Al-Dhawayan and several officials from both sides.
The first agreement involves 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 the financing of the Taraz-Talas Road Project (Phase 4), which aims to reconstruct 93 km of road to improve safety, reduce traffic accidents, and enhance the quality of the road. This $30 million project is jointly financed by several Arab Coordination Group funds.
The SFD CEO stressed: “These development agreements are an extension of the developing relationship between the Saudi Fund for Development and the Republic of Kyrgyzstan that spans over more than 12 years, as the government of the Kingdom of Saudi Arabia attaches great importance to supporting the development sectors in the Republic of Kyrgyzstan through development projects and programs financed by the Saudi Fund for Development that aim at achieving sustainable development goals.”
He pointed out that the two agreements will contribute to achieving social growth, development and economic prosperity in the country, adding: “The Taraz-Talas 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 developing peoples and societies, in order to support sustainable development goals.”
Bakitayev expressed his gratitude to the Kingdom for supporting the various development sectors in Kyrgyzstan through the SFD to finance vital projects and programs, explaining the importance of the two signed agreements and their impact on Kyrgyzstan and its people by contributing to achieving social stability and improving infrastructure. He praised the development efforts made by the Kingdom through the SFD since 2011 in order to achieve sustainable growth in Kyrgyzstan.
Since 2011, the SFD has provided 10 soft development loans to Kyrgyzstan to finance development projects and programs with a value of up to $330 million, in addition to a generous grant from the Kingdom with an estimated value of $4 million to contribute to the growth and prosperity of Kyrgyzstan.