Kyrgyzstan, IDA Ratify Financing Agreement

2024-02-07 01:30:21

(MENAFN- Trend News Agency) BISHKEK, Kyrgyzstan, February 6. The agreement on financing between Kyrgyzstan and the International Development Association (IDA) has been ratified, Trend reports.

According to the president's press service, President of Kyrgyzstan Sadyr Zhaparov signed the law“On ratification of the Agreement between the Kyrgyz Republic and the International Development Association (IDA) on financing (Additional Financing for the Heating Improvement Project)," which was initially signed on September 8, 2023, in Bishkek. This law was passed by the Parliament of Kyrgyzstan on December 27, 2023.

The agreement aimed to attract IDA credit funds amounting to $6.9 million as additional financing for the Heating Improvement Project in Kyrgyzstan to cover the shortfall in funds for the reconstruction of the main 'East' network in Bishkek.

The credit funds, totaling $6.9 million, are provided at an annual interest rate of 0 percent for 50 years, including a grace period of 10 years.

Since the funds attracted will be refinanced to the branch of the "Electric Stations" company - "Bishkekteploset," the implementation of the agreement will not lead to additional financial expenditures from the republican budget of Kyrgyzstan.

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