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Issyk-Kul Region Development Fund receives 3 billion soms for 19 years

For 19 years, Kumtor company has transferred almost 3 billion soms to Issyk-Kul Region Development Fund. Office of Plenipotentiary Representative of the government in the region informed 24.kg news agency.

According to it, a government decree dated December 10, 1997 established the Social Development Fund of the region (it was renamed into Development Fund of the region in 2011), where the mining company was to annually transfer 2 percent of its profits, and after a new agreement with the company in 2009 the enterprise began to transfer 1 percent of its gross income.

For 19 years, the most funds to the Development Fund were transferred in 2011 — 463 million soms, and the least in 2000, 2007 and 2008, when the company transferred 0 soms.

The fund’s means are directed to the construction of schools, kindergartens, feldsher-midwife stations, sports and cultural facilities, as well as to solve social and economic problems of the region, the report said.

Over the past seven years, the fund spent most of its funds on construction, repair of roads and water supply (1 billion soms), on education (932 million) — 31 schools have been built. And the least of all was allocated for the sphere of culture (103 million soms) and income-generating projects (60.1 million).