Germany will forgive Kyrgyzstan a debt of 14.9 million euros due to the development of housing in the country.
Germany and Kyrgyzstan agreed on a debt conversion of € 14.9 million during past intergovernmental negotiations on financial and technical cooperation.August 06th, 2019
Sultan Akhmatov, the head of the Department for Assistance Strategy of the Ministry of Economy of Kyrgyzstan, commented that Kyrgyzstan will not have to pay this debt, but these funds should be used to develop socially significant sectors of the economy.
According to Azattyk news portal of Kyrgyzstan, Sultan Akhmatov said: “Therefore, this money will still be allocated from the budget, but not aimed at paying off debt, but at developing the economy. As a result of the negotiations, we came to the conclusion that the money should be directed to the State Mortgage Company. The need for housing in Kyrgyzstan is large. Now the Finance Ministry must decide when the funds of the State Electoral Commission can be allocated.”
In addition, the German government will allocate another 10.5 million euros to the State Mortgage Company for the housing program in Kyrgyzstan.