Russia and Kyrgyzstan have signed an intergovernmental agreement to settle Kyrgyzstan's debt to Russia on earlier loans, RIA Novosti said.The signing ceremony was held in Bishkek on Thursday after the presidents' talks.
According to the document, there are two debts - $189 million and $300 million. According to the agreement, the Republic's debt as of September 5, 2005 to the amount of $189 million will be written off fully once it comes into force.
Russia and Kyrgyzstan signed an agreement on the construction and exploitation of Kambar Ata HPP-one and the Upper Naryn cascade. Its construction will allow Kyrgyzstan to produce about five billion kilowatt hours of electricity per year and cover the growing needs of the population.
The agreement on the joint construction of Kambar Ata HPP-one with a capacity of 1.9 gig watts and cascade on the Naryn River was signed in 2009 during President Kurmanbek Bakiyev's visit to Moscow. It was stated that Russia will provide a loan worth $ 1.7 billion to Kyrgyzstan to implement the project.