BAKU, Azerbaijan, April 15. Russian-Kyrgyz Development Fund (RKDF) has been allocated loans worth $507.1 million to Kyrgyzstan as of April 1, 2023, Trend reports with reference to RKDF’s latest report.
According to the provided figures, the funds were directed for the implementation of 3,302 projects.
The loans were mainly issued to boost the manufacturing ($195.5 million for 689 projects) and agriculture sectors ($122.4 million for 1, 886 projects), with other industries such as infrastructure, tourism, transportation, warehousing, telecommunications, information technology, and financial activities also receiving funding.
A total of $283.1 million was allocated via direct financing, and $223.9 million through commercial banks and micro-financial organizations of the country.
Meanwhile, the current loan portfolio of RKDF is $229.8 million for 821 ongoing projects, the report said.
RKDF has been providing loans directly and through partner banks at an incredibly low-interest rate of 4 percent per annum.
The goal of the Russian-Kyrgyz Development Fund is to support economic cooperation between Kyrgyzstan and Russia, as well as modernize and develop the Kyrgyz economy.
The fund acts as the main tool for Kyrgyzstan’s integration into the Eurasian Economic Union (EAEU).