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Kyrgyzstan is negotiating a $177 million financial aid with Kazakhstan, Tengrinews reports citing IA Novosti-Kazakhstan.
Kyrgyzstan is negotiating a $177 million financial aid with Kazakhstan, Tengrinews reports citing IA Novosti-Kazakhstan.
This is one of the prerequisits that the country is demanding it exchange for its joining the Customs Union of Russia, Kazakhstan and Belarus. Kyrgyzstan, a member of the WTO, is promising to use the funds to adapt to the conditions of the Customs Union.
At a recent press conference in Bishkek Kyrgyzstan’s Minister of Economics Temir Sariyev confirmed that the talks were indeed taking place.
“In the framework of the adaptation program, an agreement with Russia on establishment of a special fund has been signed; the fund will accumulate $1 billion. Negotiations to sign a similar agreement are being held with Kazakhstan. This issues consists of two parts. We are talking about a grant assistance of $377 million: $200 million will be allocated by Russia on a non-repayable basis and we are asking Kazakhstan to provide the remaining part," Sariyev was cited as saying by 24.kg.
Besides, Sariyev said that Kyrgyzstan needed funds to activate the work of Kazakh-Kyrgyz investment fund that had an authorized capital of $100 million.
The current requirements of fund are too strict and prevent companies lacking suffecient collateral property from obtaining loans, besides, projects requiring less than $5 million are not being considered. The Minister proposed lowering the bar to $1 million and easing the requirements.
Sariyev said that attracting funding from Kazakhstan for microcredit financing was also one of the goals.
In the end of May, Kyrgyzstan’s president Almazbek Atambayev declared that Kyrgyzstan was ready to enter the Customs Union by the end of 2014 during his visit to Astana as part of the summit of the Supreme Eurasian Economic Council. During the summit Belarus, Kazakhstan and Russia signed the treaty establishing the Eurasian Economic Union.
Writing by Dinara Urazova, editing by Tatyana Kuzmina
