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Kumtor developments: Cabinet abolishes two funds created with Centerra

The Cabinet of Ministers of Kyrgyzstan declared the government decree on approval of the regulation on the use of funds received from Kumtor Gold Company JSC dated October 8, 2019 invalid. The decision was made by the Chairman of the Cabinet of Ministers Ulukbek Maripov.

The State Committee for Ecology and Climate was instructed to form an expert commission for the assessment and selection of projects on environmental protection and preservation of natural resources of Kyrgyzstan within a month. Control over the execution of the resolution was entrusted to the Department of Agro-Industrial Complex and Ecology of the Presidential Executive Office.

Two funds were created after signing of a strategic agreement between the government of Kyrgyzstan and Centerra Gold Inc. — Social Partnership Fund for Development of Regions and the Nature Development, where Centerra Gold donated more than $ 67 million. The main part of the funds was to be spent on environmental protection. Part of the money was spent on the construction and overhaul of hospitals, as well as non-concessional loans. Not a single environmental project has been implemented.