BAKU, Azerbaijan, April 25. Saudi Fund for Development (SFD) is going to provide a soft loan of $100 million for developing the housing sector in Kyrgyzstan, Trend reports with reference to SFD.
The corresponding agreement was signed in the Kyrgyz capital Bishkek by the CEO of the Saudi Fund for Development, Sultan bin Abdulrahman Al-Marshad, and Minister of Finance of Kyrgyzstan, Almaz Baketaev, on April 24.
According to SFD, the project aims to construct 3,000 houses in an area of about 255,000 square meters. This project will benefit low-income families in Kyrgyzstan and contribute to enhancing their livelihoods and social stability.
Following the event, the CEO of SFD said that the signing reflects the importance of the developing relationship between the Saudi fund and Kyrgyzstan, which spans over 12 years.
According to him, the Saudi Arabian government considers supporting the development sectors of Kyrgyzstan through development projects and programs financed by SFD as a priority.
In turn, the Minister of Finance of Kyrgyzstan expressed gratitude to Saudi Arabia for supporting the various development sectors in Kyrgyzstan through SFD to finance vital projects and programs.
Saudi Fund for Development has provided ten soft development loans with a value of $330 million to Kyrgyzstan for the financing of ten development projects and programs since 2011. The fund also provided a grant of $4 million to contribute to the growth and prosperity of Kyrgyzstan and to help the country to achieve its sustainable development goals.