The Committee on Budget and Finance of the Jogorku Kenesh on June 19 reviewed and approved the draft law "On Ratification of the Credit Agreement between the Kyrgyz Republic and the Saudi Development Fund for the Construction of Public Schools". The agreement was signed on May 17, 2017 in the city of Jeddah.
According to the document, it is planned to build 16 schools in different regions of the country.
Members of the Parliamentary committee instructed the State Agency for Architecture, Construction and Housing and Communal Services of the Kyrgyz Republic to develop standard projects for schools in general schools.
The Saudi Development Fund provides 112,500,000 Saudi riyals (about $ 30 million) to finance the project with the following conditions: interest on the loan is 1% per year; loan maturity is 25 years, including 5-year grace period.
The loan will be repaid once in a half year, on May 15 and November 15 each year, starting from 2022 to 2042, and will not make a big burden on the state budget.
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