28 Jun 2012 13:26

Turkey to allocate $106 mln to Kyrgyzstan in loan, grant

BISHKEK. June 28 (Interfax) - Turkey will allocate $106 million to Kyrgyzstan in a loan and grant, the Kyrgyz government told Interfax.

"A loan and grant agreement has been signed between the governments of Turkey and Kyrgyzstan about allocation to the republic of a $100 million loan and a $6 million grant," a government spokesman said.

The agreement was reached during a visit to Turkey by the Kyrgyz President Almazbek Atambaev, the government press service said, citing Prime Minister Omurbek Babanov.

The $100 million loan is being offered at 0.1% per annum for a 20-year term.

"After the agreement has been ratified by our parliament, the money will be used for our country's socioeconomic development," Babanov said.