Bishkek April 25 2023: The Saudi Fund for Development (SFD), represented by its CEO, Sultan bin Abdulrahman Al-Marshad, signed, today in the Kyrgyz capital, Bishkek, with the Ministry of Finance of the Republic of Kyrgyzstan, represented by Minister of Finance, Almaz Baketaev, two agreements funded by the Saudi Fund for Development (SFD) through soft development loans worth $130 million.
The signing ceremony was attended by Saudi Deputy Ambassador to the Kyrgyz Republic, Saad Al-Dhawayan and several officials from both sides.
The first agreement involves financing the construction of 3000 housing units covering an area of about 255,000 square meters through a soft development loan of $100 million. The project aims to enhance the livelihoods of low-income families in Kyrgyzstan. The second agreement contributes to the financing of the Taraz-Talas Road Project (Phase 4), which aims to reconstruct 93 km of road to improve road safety, reduce traffic accidents, and enhance the quality of the road. This $30 million project is jointly financed by several Arab Coordination Group funds.
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 over 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, development and economic prosperity in the Republic 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).”
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 development for 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 to contribute to the growth and prosperity of Kyrgyzstan and achieve sustainable development goals (SDGs).
