BAKU, Azerbaijan, May 26. Kyrgyzstan's agricultural development will be supported by the International Fund for Agricultural Development (IFAD), Deputy Minister of Agriculture of Kyrgyzstan, Nurlan Sheripov wrote on Facebook.
IFAD will invest $31.2 million in a six-year timeframe project, with $8.2 million in a grant and $23 million in a soft loan for 40 years at a rate of 0.75 percent per year.
The agreement on financing the "Sustainability of Regional Pasture Communities" project between the Cabinet of Ministers of Kyrgyzstan and IFAD was reviewed at a meeting of the Supreme Council of Kyrgyzstan.
The project's purpose is to decrease poverty level in Kyrgyzstan's rural areas by increasing the stability, profitability, and economic development of rural farms. According to Sheripov, approximately 398,000 households are estimated to benefit directly from the initiative.