President of Kyrgyzstan Sadyr Japarov signed a law ratifying the grant agreement with the Asian Development Bank (ADB) to support Kyrgyzstan in emergency situations.
The ADB will provide a grant of $28.2 million.
According to the document, the funds will be allocated through two mechanisms:
- provision of budget support in the event of moderate emergencies (grant amount: $13.2 million) — funds will be allocated to families affected by the emergency;
- issuance of disaster bonds (this mechanism is designed to provide quick liquidity in response to rare but particularly devastating disasters caused by strong earthquakes and floods) — the grant amount is $15 million.
According to the law, the Ministry of Finance should notify the Asian Development Bank that Kyrgyzstan has completed the domestic procedures necessary for these documents to enter into force.
