BAKU, Azerbaijan, April 25. Saudi Fund for Development (SFD) and the Ministry of Finance of Kyrgyzstan has signed an agreement for the provision of a soft loan of $30 million for the developing the transport sector of Kyrgyzstan, Trend reports citing SFD.
The agreement was signed by the CEO of the Saudi Fund for Development, Sultan bin Abdulrahman Al-Marshad, and the Minister of Finance of Kyrgyzstan, Almaz Baketaev, in Kyrgyzstan’s Bishkek on April 24.
In particular, the loan of the Saudi fund is designated for contributing to phase 4 of the Taraz-Talas Road Project.
The project aims to reconstruct 93 kilometers of road to reduce traffic accidents, improve road safety, enhance road quality, and facilitate local and international trade exchanges. The project is jointly financed by a number of Arab Coordination Group funds.
"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," the CEO of the SFD said.
Phase 4 of the Taraz-Talas Road Project issues financing from the Islamic Development Bank, OPEC Fund, Kyrgyzstan’s government, and SFD.
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.