Deputies discussed and approved in the first reading the draft law on the ratification of the loan agreement, which was concluded between the government and the Saudi Fund.
Talantbek Imanakun uulu, Deputy Minister of Construction, Architecture, and Housing and Communal Services, noted that the project involves attracting 187.5 million Saudi riyals — approximately $50 million for 25 years. The grace period will be five years, and the interest rate will be 1.5% per annum.
“The funds received from the loan will be directed towards the construction of new schools and additional educational buildings in Bishkek, as well as the establishment of two new educational institutions in the Chui region, which will accommodate between 150 and 1,000 students. The project is expected to be implemented from 2026 to 2029: two years are allocated for construction, and one year for the warranty period,” he added.
In addition, Imanakun uulu reported on the completion of the first phase of the project “Construction of State Schools (Phase I),” which was also financed by the Saudi Fund. As part of this phase, 30 schools were built across the country at a cost of $30 million.
