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Wednesday, Feb 28, 2024

Saudi Arabia funds two projects in transportation, housing sectors in Kyrgyzstan

Saudi Arabia funds two projects in transportation, housing sectors in Kyrgyzstan

The Saudi Fund for Development (SFD) signed two agreements to fund two projects in transportation, housing sectors through soft development loans worth $130 million in Kyrgyzstan.
SFD CEO Sultan Al-Marshad and Kyrgyzstan’s Minister of Finance Almaz Baketaev signed these two agreements on Monday in Bishkek.

The signing ceremony was attended by 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 road safety, reduce traffic accidents, and enhance the quality of the road.

This $30 million project is jointly financed by several Arab Coordination Group funds.

SFD CEO said: “These development agreements are an extension of the developing relationship between the Saudi Fund for Development and Kyrgyzstan that spans over more than 12 years.

“The government of Saudi Arabia attaches great importance to supporting the development sectors in Kyrgyzstan through development projects and programs financed by the Saudi Fund for Development.”

Al-Marshad added: “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 (SDGs).”

The Minister of Finance of Kyrgyzstan Almaz Bakitayev expressed his gratitude to Saudi Arabia for supporting the various development sectors in Kyrgyzstan through the Saudi Fund for Development to finance vital projects and programs.

He explained the importance of the two signed agreements and the developmental impact of the two projects on Kyrgyzstan and its people by contributing to achieving social stability and improving the infrastructure.

He praised the development efforts made by Saudi Arabia through SFD since 2011 in order to achieve sustainable growth in Kyrgyzstan.

Since 2011, the Saudi Fund for Development has provided 10 soft development loans to Kyrgyzstan to finance development for projects and programs with a value of up to $330 million.

This is in addition to a generous grant from the government of Saudi Arabia with an estimated value of $4 million to contribute to the growth and prosperity of Kyrgyzstan and achieve sustainable development goals (SDGs).
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