Volume 2, issue #21 - 29-07-1997

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US Eximbank to co-operate with Kyrgyzstan.

July 15, 1997 An agreement on co-operation between the US Eximbank and Kyrgyzstan was signed in Washington recently in the framework of a working visit paid to the US by Kyrgyz President Askar Akayev. The signatures under the "Agreement on encouraging projects" were put by President of the Eximbank James Harmon and Kyrgyz Finance Minister Taalaibek Koichumanov and Chairman of the Kyrgyz National Bank Marat Sultanov.
This is a standard agreement similar to others the Eximbank earlier signed with the majority of former Soviet republics which paves the way for financing direct supplies of US goods abroad, in this case, to Kyrgyzstan. As usual, the Eximbank will act as a direct creditor and will be able to open credit tranches to private banks with the aim of supporting US exports to Kyrgyzstan. Revenues to be received as a result of realisation of concrete perspective projects carried out in Kyrgyzstan with the use of US technologies and equipment are to be used as a guarantee of the repayment of funds, rather than obligations of the Kyrgyz government.