Germany Gives Kirghizia Two Loans

Germany will give Kirghizia two loans for a total of DEM 15 million to develop the country's industrial production. The corresponding interstate agreements were signed Wednesday at Kirghizia-Germany consultations on bilateral financial and technical cooperation for 2001-2002 held in Bishkek. The German side was represented by officials from the federal economic development ministry, the German Bank of Development and the German Association for Technological Cooperation. Finance Minister Temirbek Akmataliyev headed the Kirghiz delegates. A spokesman for the press service of the Kirghiz Finance Ministry reported that the first loan agreement envisages the allocation of DEM 10 million to support Kirghizia's private industries. Another DEM 5 million will be invested in the authorised capital of the Kirghiz Industrial Bank in line with the other loan agreement. Kirghiz Finance Minister Temirbek Akmataliyev said Wednesday that "the formation of such a bank will help change the situation with the country's industrial development." Germany is Kirghizia's largest donor: overall, it allocated some DEM 218 million, including DEM 158 million as a financial aid.