The loan will be issued for a period of 25 years
Kyrgyzstan will receive 187.5 million Saudi riyals (approximately 50 million dollars) from the Saudi Development Fund for the construction of new educational institutions. The bill for the ratification of the loan agreement was approved by the Jogorku Kenesh in the third reading.
The loan is granted for 25 years, including a 5-year grace period, with an annual interest rate of 1.5%.
The Minister of Construction, Architecture, and Housing and Communal Services, Nurdin Oruntaev, noted that these funds will be used for the construction of 13 new schools, as well as for extensions to existing educational institutions in Bishkek and the Chuy region.
The implementation of this project is expected to begin in 2026 and continue until 2029.
It is worth noting that in the first phase of this project, 30 schools have already been built across the country.
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