The Government of Kyrgyzstan decided to withdraw from the agreement in connection with nonfulfillment of obligations on Smart City investment project. The press service of the Cabinet of Ministers informed 24.kg news agency.
According to its information, nonfulfillment of obligations expressed in the failure to comply with the deadline specified in the agreement: preparation and submission of substandard documents for the implementation of the project, namely a feasibility study.
«In the process of preparing the feasibility study, the investor consortium has not met the terms of the Kyrgyz government on a wide range of functional and technical requirements. The parties did not agree on a number of technical issues, in particular, limiting the further development of the project,» the press service stressed.
The Government of Kyrgyzstan decided to implement Smart City project on its own with the support of international donors and the business sector.
«We wanted to use the resources and opportunities of investors, but due to the fact that co-investors delay implementation of the project, and the situation on the roads and ensuring the safety of our citizens remains complicated, we decided to implement this project by our own efforts,» the director of the Agency for Attracting Investment Esen Momunkulov commented.
It is noted that the agreement on Smart City project has not entered into force, therefore, the Government of the Kyrgyz Republic will not suffer from the legal and economic consequences of the termination of the investment agreement.