On April 19, the Committee on Transport, Communications, Architecture and Construction under the Parliament of the Kyrgyz Republic considered the draft law on the ratification of a grant agreement between Kyrgyzstan and the Asian Development Bank on the allocation of over $50 million to the Kyrgyz side, the press office of the Jogorku Kenesh of Kyrgyzstan reports.
The project envisages providing by the Asian Development Bank a concessional loan of $25 million and a grant of $25.7 million.
“The loan is provided for 32 years, including an 8-year grace period, at an annual interest rate of 1% during the grace period, and at an annual interest rate of 1.5% during the remaining term,” the press office reported.
The total project cost is $59.6 million, of which ADB will finance 85%.
The Government will co-finance $8.9 million through an exemption from taxes and customs duties payable under the project.
The project envisages purchasing at least 120 modern energy-efficient electric buses for Kyrgyzstan.
