A 25-year loan with a grace period
The Saudi Development Fund will provide Kyrgyzstan with 187.5 million riyals (approximately 50 million dollars) for the construction of new schools. The bill concerning the ratification of this loan agreement was approved by the Jogorku Kenesh in its third reading.
This loan will be issued for a period of 25 years, with the first 5 years being a grace period. The interest rate will be 1.5% per annum.
Nurdan Oruntaev, the Minister of Construction, Architecture, and Housing and Communal Services, reported that the funding will be directed towards the creation of 13 new schools and the expansion of existing educational institutions in Bishkek and the Chui region.
It is expected that the implementation of this project will begin in 2026 and continue until 2029.
It is worth noting that in the first phase of this project, 30 schools were built across Kyrgyzstan.
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