Saudi fund to finance Kyrgyzstan’s Issykul Ring Road project
Saudi Fund for Development inks financing agreement for the construction and renovation of Kyrgyzstan’s Issykul Ring Road
Saudi Arabia has inked a financing agreement with the Kyrgyz Republic to finance the construction and renovation of Kyrgyzstan’s Issykul Ring Road, with Saudi Fund for Development (SFD) set to fund the project.
According to Saudi Arabia’s state-held news agency, SPA the agreement was signed by vice-president and managing director of the SFD, Dr. Khaled bin Suleiman Al-Khudairi, and Kyrgyzstan’s minister of finance, Battukkul Gyenbekova.
The signing ceremony came in lie with the the President of Kyrgyz Republic, Sooronbay Jeenbekov’s visit to the kingdom, where he was received by The Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud.
Together, they witnessed the signing of five other agreements and memoranda of understanding (MoUs) between the governments of Saudi Arabia and the Kyrgyz Republic in the fields of civil defense, sports, agriculture and animal products, science and education, as well as retirement.
In September 2019, Jordan’s Ministry of Public Works and Housing revealed that SFD-backed Jordan’s $324m desert highway maintenane project that connects Jordan with Saudi Arabia through the Al Mudawwarah border crossing was 60% complete. SFD had provided $138m as a grant and another $105m as a loan for the project.