Kuwait Fund for Arab Economic Development signed in the Kyrgyz capital Bishkek on Wednesday a loan agreement, worth KD 4,420, 000 (some USD 15 million), to finance rehabilitation of the second section of the main Bishkek-Naryan-Torugart road, according to a KFAED statement released here.The loan agreement was signed by Melis Mambetjanov, the Minister of Finance, on behalf of the Kyrgyz Republic, and Hamad S. Al-Omar, Deputy Director-General of KAFED.
The venture aims to meet the increasing demand for the transport of passengers and goods in the northern- southern corridor linking the capital city, Bishkek, with Torugart at the Border with Republic of China.The project will also contribute to the economic and social development of the middle and southern regions of the country, reduce traveling time and vehicles operating cost. It involves the renovation of the second section of Dolon Pass - Kyzyl-Bel Pass road of the Bishkek- Naryan-Torugart Corridor with a length of about 93 kilometers.
The signing of this Loan brings to three the number of loans extended by Kuwait Fund to The Kyrgyz Republic, where the fund previously provided two loans totaling about KD 5.69 million, about USS 16.7 million, to participate in the financing of projects in the telecommunication and power sectors of the economy.KAFED also extended to THE Kyrgyz Republic one technical assistance grant, the total value of which is KD. 93.6 thousand (some USD 320,000) for financing feasibility studies in the telecom sector