Saudi Arabia’s SFD funds two development projects in Kyrgyzstan

By Shilpa Annie Joseph, Official Reporter
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The Saudi Fund for Development (SFD) has signed two agreements in order to fund two projects in the transportation, and housing sectors through soft development loans worth $130 million in Kyrgyzstan.

The first agreement involves financing the construction of 3,000 housing units covering an area of about 255,000 square meters through a soft development loan of $100 million. The project intends 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.

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“These development agreements are an extension of the developing relationship between the Saudi Fund for Development and Kyrgyzstan that spans over more than 12 years. The government of Saudi Arabia attaches great importance to supporting the development sectors in Kyrgyzstan through development projects and programs financed by the Saudi Fund for Development. 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).”

Kyrgyzstan’s Minister of Finance, Mr. Almaz Baketaev has expressed his gratitude to Saudi Arabia for supporting the various development sectors in Kyrgyzstan through the Saudi Fund for Development to finance vital projects and programs.

Mr. Baketaev explained 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.

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