The EDB changes the Russian-Kyrgyz Development Fund’s debt repayment schedule because of the pandemic

01 June 2020

Almaty, 1 June 2020. The Eurasian Development Bank (EDB) has extended the repayment schedule for the Russian-Kyrgyz Development Fund (RKDF). The decision was made in connection with the anti-crisis measures adopted by the RKDF to support its borrowers amid the complicated situation caused by the global coronavirus pandemic.

The loan agreement between the EDB and the RKDF was signed in February 2018. A US $50 million revolving loan facility is intended to finance the Fund’s working capital in its investment projects in the Kyrgyz Republic, as well as its targeted programmes via commercial banks.

“With the countries’ economic development slowing down amid the epidemic, the EDB, as a development institution in the first place, is considering all possibilities to support its partners and help them avoid any negative scenarios. Given the role the Fund is currently playing for our shareholder, the Kyrgyz Republic, we decided to extend the repayment of earlier tranches,” said Dmitry Ladikov-Roev, Member of the Management Board and Managing Director for Assets and Liabilities at the Eurasian Development Bank.

Additional Information:

The Eurasian Development Bank (EDB) is an international financial institution founded by Russia and Kazakhstan in January 2006 with the mission to facilitate the development of market economies, sustainable economic growth, and the expansion of mutual trade and other economic ties in its member states. The EDB's charter capital totals US $7 billion. The member states of the Bank are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan.

The Russian-Kyrgyz Development Fund (RKDF) is an international institution established in December 2014 by the Government of the Russian Federation and the Government of the Kyrgyz Republic to promote economic modernisation and development in the Kyrgyz Republic as well as economic cooperation among the Fund’s member countries.

The EDB Media Centre:

Alexander Savelyev +7 (985) 765 23 59 (Moscow)

Azima Sapargaliyeva +7 (777) 750 00 08 (Almaty)

Sergey Gorbachev +7 (916) 727 22 00 (Moscow)  

pressa@eabr.org

www.eabr.org

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