The Saudi-based Islamic Development Bank (IDB) has agreed to loan the Kyrgyz Republic $20 million to finance a rural water supply and sanitation improvement project.
The funding will help the Kyrgyz Republic to improve access and quality of water supply in targeted rural communities, improve sanitation services primarily in schools, and health centres in selected villages and strengthen capacity of institutions in the water supply and sanitation sector.
Upon project completion, access to safe drinking water and sanitation will be available for about 78,000 more people living in 24 villages of Jalal-Abad region, a statement said.
It added that the total cost of the project will be $51 million, with the IDB making $20 million available, $23.5 million via the World Bank plus a $7.5 million contribution from the Government of Kyrgyz Republic.
Adylbek Kasymaliev, Minister of Finance of the Kyrgyz Republic and Hisham Taleb Maarouf, director of the regional office Almaty of the IDB, signed the agreement.
The loan is sourced from the resources of the Islamic Development Bank and the Islamic Solidarity Fund for Development.
The project is to be financed jointly with the World Bank under an agreement signed in October 2015.
Based in Saudi Arabia, the IDB has 57 member countries and its activities are designed to foster their economic development and social progress.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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