Saudi Fund for Development to Finance Transportation & Housing Sectors Projects in Kyrgyzstan
The Saudi Fund for Development (SFD) has signed two agreements with the Finance Ministry of Kyrgyzstan to fund two projects worth $130 million, in the transportation and housing sectors.
The SFD was represented by its CEO, Mr Sultan bin Abdulrahman Al-Marshad while the Mr Almaz Baketaev, Minister of Finance, Kyrgyzstan were present at the signing ceremony held in Kyrgyz capital, Bishkek.
The signing ceremony was attended by His Excellency Deputy Ambassador of the Custodian of the Two Holy Mosques to the Kyrgyz Republic, Mr 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 (3000) 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.
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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, and 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, the SFD CEO said: "These development agreements are an extension of the development relationship between the Saudi Fund for Development and Kyrgyzstan that spans over more than 12 years, as the government of Saudi Arabia attaches great importance to supporting the development sectors in Kyrgyzstan.
"All through development projects and programs financed by the Saudi Fund for Development that aim at achieving sustainable development goals (SDGs)."
The SFD CEO added that the two agreements will contribute to achieving social growth and economic prosperity in the Republic, hoping that these projects will be contribute to the development in Kyrgyzstan.
Mr Al-Marshad added that, "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)."
His Excellency the Minister of Finance of Kyrgyzstan, Mr Almaz Bakitayev, expressed his gratitude for 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.
He explained the importance of the two 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 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.
This is in addition to a 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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