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Deputies approve loan from Saudi Fund for construction of schools

16 schools in Kyrgyzstan will be built at the expense of credit from the Saudi Development Fund at $ 30 million, the press service of the Parliament reports.

According to it, the agreement was approved today at the meeting of the committee on budget and finance. Schools with a capacity of 150 to 550 pupils will be built in different regions of the country.

Deputies entrusted the State Construction Committee to develop standard building projects for schools.

«The Saudi Fund provides this loan for 25 years at one percent per annum with a 5-year grace period. It is assumed that it will be repaid every six months — on May 15 and November 15 — starting from 2022. This won’t make a big burden on the state budget," the Parliament informs.

Earlier, the same fund allocated a loan to Kyrgyzstan for the construction of a section of the alternative North — South road.

Recall, in April 2017 the national debt of the Kyrgyz Republic renewed its record, reaching $ 4, 219 billion. The share of external debt in its structure is $ 3.8 billion.