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Government tells what extra money from Centerra Gold to be spent on

Kyrgyzstan has managed to increase receipts under a strategic agreement with Centerra Gold. Head of Kyrgyzaltyn Almazbek Alimbekov announced today at a press conference at the Government.

According to him, as a result of long negotiations, the Kyrgyz Government has managed to conclude an agreement with Centerra Gold, increasing receipts to $ 150 million.

«For example, under 2017 agreement, an annual receipt of $ 2.7 million was provided to the Nature Development Fund, the amount was increased to $ 3.7 million now. The Social Partnership for Regional Development Fund was created; the company will transfer $ 10 million in 2019-2020 to its budget. In addition, Kumtor Gold will transfer 0.4 percent of its gross income to the fund on a monthly basis. The funds will be spent on the development of all regions of the country,» Almazbek Alimbekov said.

The first transfer has been already made to the Social Partnership for Regional Development Fund. A Supervisory Council will monitor spending of its funds.

Kyrgyzstan holds a 26.6 percent stake in Centerra Gold, which is currently estimated at $ 700 million.