Published
10/23/2024, 13:24Jogorku Kenesh MPs adopted in the second reading the draft laws on ratification of loan and grant agreements between Kyrgyzstan and the Asian Development Bank today. This is stated on the Jogorku Kenesh website.
One of the projects is aimed at the improvement of Lake Issyk-Kul's environmental management and tourism development. Funding for $56 million, of which $31 million - grant, $25 million - loan funds. Following the Asian Development Bank's financial terms, the loan proceeds are for 32 years, with an 8-year grace period, with an interest rate of 1 per cent and 1.5 per cent in the remaining years. Repayments will be made twice a year.
These funds will be used to improve the sewerage system and tourism infrastructure in the Issyk-Kul region.
In addition, an agreement was ratified on the Programme for the Improvement of Sustainable Financial Management and Public Administration. Budget support will amount to $50 million, of which $7 million is a grant. The loan term is 24 years, with a grace period of 7 years and an interest rate of 1% during the grace period and 1.5% for the remainder of the term then.
