Bishkek – Kara-Balta road. China Railway № 5 pays bank guarantee

China Railway № 5 paid a bank guarantee in the amount of 20 percent of the project cost on reconstruction of  Bishkek — Kara-Balta road, 24.kg news agency found out from its own sources.

It is noted that the Ministry of Transport and Roads of Kyrgyzstan received a message from the Kyrgyz Investment and Credit Bank (KICB). It says that the account in the Bank of China (China) has received $ 14, 47.9 million from China Railway № 5 as a bank guarantee for the project. The guarantee is valid until June 15, 2021.

KICB reported that if the Ministry of Transport puts the guarantee demand, the bank will give it to the Bank of China through the international interbank information transmission system.

It should be noted, that the transfer of a bank guarantee of China Railway № 5 was the main condition for the company’s win in the tender for the reconstruction of Bishkek — Kara-Balta road. China Railway № 5 has already fulfilled other conditions with persistent demands of the project donor — Asian Development Bank. The Ministry of Finance will study the question of correct transfer of the money. If it recognizes that everything is in order, the construction work on Bishkek — Kara-Balta road will begin by the end of April.