SFD to finance 2 transportation and housing projects in Kyrgyzstan, with $130mln

The Saudi Fund for Development (SFD), represented by its CEO, Sultan bin Abdulrahman Al-Marshad, signed, on Monday in the Kyrgyz capital, Bishkek, with the Ministry of Finance of the Republic of Kyrgyzstan, represented by His Excellency Minister of Finance, Almaz Baketaev, two agreements funded by the Saudi Fund for Development (SFD) through soft development loans worth $130 million.

According to a press release by SFD, The signing ceremony was attended by His Excellency Deputy Ambassador of the Custodian of the Two Holy Mosques to the Kyrgyz Republic, Saad Al-Dhawayan and a number of officials from both sides.

The first agreement included; financing the housing program project to construct houses through a soft development loan of $100 million.

The project aims to construct 3,000 housing units with an area of about (255,000 square meters), which will contribute to enhancing the livelihoods and social stability of low-income families in Kyrgyzstan.

The second agreement, furthermore, included; contributing to the financing of the Taraz-Talas Road Project (Phase 4) with a soft development loan of $30 million.

The agreement aims to reconstruct (93 km), as the project will contribute to reducing the rate of injuries and deaths resulting from traffic accidents, improving the level of road safety and enhancing its quality.

In addition to facilitating the process of local and international trade exchanges, this project is jointly financed by a number of Arab Coordination Group funds.

On this occasion, SFD CEO stressed, “These development agreements are an extension of the developing relationship between the Saudi Fund for Development and the Republic of Kyrgyzstan that spans more than 12 years, as the government of the Kingdom of Saudi Arabia attaches great importance to supporting the development sectors in the Republic of Kyrgyzstan through development projects and programs financed by the Saudi Fund for Development that aim at achieving sustainable development goals (SDGs),” pointing out that the two signed agreements will contribute to achieving social growth and economic prosperity in the Republic, hoping that these projects will contribute to the development in Kyrgyzstan.

Al-Marshad added, “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 (SDGs).”

On his part, His Excellency the Minister of Finance of Kyrgyzstan, Almaz Bakitayev, expressed his gratitude to the Kingdom of Saudi Arabia for supporting the various development sectors in Kyrgyzstan through the Saudi Fund for Development to finance vital projects and programs, explaining the importance of the two signed agreements and the developmental impact of the two projects on Kyrgyzstan and its people by contributing to achieving social stability and improving the infrastructure, praising the development efforts made by the Kingdom of Saudi Arabia through SFD since 2011 in order to achieve sustainable growth in Kyrgyzstan.

It should be noted that since 2011, the Saudi Fund for Development (SFD) has provided (10) soft development loans to the Republic of Kyrgyzstan to finance (10) development projects and programs with a value of up to $330 million, in addition to a generous grant from the Government of the Kingdom of Saudi Arabia with an estimated value of $4 million, for the development of vital and development sectors, to contribute to the growth and prosperity of Kyrgyzstan and to achieve sustainable development goals (SDGs).

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