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Turkey writes off foreign debt of Kyrgyzstan

Turkey writes off foreign debt of Kyrgyzstan

02 December 2011 14:28 (UTC +04:00)

Bishkek. Ramiz Mashadihasanli - APA. In the capital of Kyrgyzstan, the new President signed an agreement with the leader of Turkey in writing off Kyrgyz foreign debt.

Today Almazbek Atambayev and Abdullah Gul signed a document earlier prepared by governments of tow counties, the Minister of Finances of KRG and the Turkish Undersecretariat for the Treasury.

Recall, the principal amount of the debt of Kyrgyzstan by the loan of the Export Credit Bank of Turkey to be written off makes up $49.2 million.

The loan was issued by the intergovernmental protocol on intention signed between governments of Turkey and Kyrgyzstan on April 28, 1992 in accordance with the loan agreement between the National Bank of KRG and the Export Credit Bank of Turkey dated January 15, 1993.

The loan was designed for financing commercial and investment projects and was renegotiated on repeated occasions.

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