Eurasian Development Bank extends repayment schedule for Russian-Kyrgyz Development Fund over pandemic

AKIPRESS.COM - The Eurasian Development Bank (EDB) has extended the repayment schedule for the Russian-Kyrgyz Development Fund (RKDF), the EDB said.
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.