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Agreement between the Government of the Kyrgyz Republic and Government of the Russian Federation on provision to the Kyrgyz Republic of public credit

of February 3, 2009

The government of the Kyrgyz Republic (further - the Kyrgyz Side) and the Government of the Russian Federation (further - the Russian Side), together referred to as with the Parties, for the purpose of further strengthening of friendship between two states,

agreed as follows:

Article 1

The Russian side will provide to the Kyrgyz Side in 2009 the public financial loan in the amount of 300 million US dollars (further - the credit).

Article 2

Funds of the credit are transferred by the Russian Side till April 30, 2009 into the currency account (in US dollars) the Ministries of Finance of the Kyrgyz Republic in National Bank of the Kyrgyz Republic. Date of use of the credit date of transfer of borrowing facilities on correspondent account of National Bank of the Kyrgyz Republic is considered.

Article 3

1. Loan repayment is performed by the Kyrgyz Side in US dollars equal semi-annual shares on March 15 and on September 15 every year, and the first payment will be made on March 15, 2016, and the last - on September 15, 2049.

2. Loan repayment is performed according to the schedule specified in Appendix to this agreement, which is its integral part.

Article 4

1. The Kyrgyz Side pays to the Russian Side for use of the credit percent on rate of 0,75 of annual interest rates.

2. Percent on the credit are charged from the date of its use and paid by the Kyrgyz Side in US dollars on March 15 and on September 15 every year, at the same time the last interest payment is made along with the last payment in repayment of principal debt.

3. Percent on the credit are charged for the actual number of the days of its use which expired in 360-day year (base 365/360).

Article 5

1. If any payment in repayment of principal debt and (or) interest payment, specified in Articles 4 and 5 of this agreement, is not made in the corresponding payment date established by these Articles, this debt appears overdue and on it percent on LIBOR rate for 6-month deposits in US dollars plus margin in the amount of 7 (seven) annual interest rates are charged from the moment of emergence of overdue debt before date of complete repayment of this debt inclusive.

LIBOR rate for 6-month deposits in US dollars is understood as the rate for 6-month deposits in US dollars in the London interbank market as of the first day of the corresponding period of charge of percent published on the LIBOR 01 page by Reuters news agency.

2. If the delay of payments according to payment obligations of the Kyrgyz Side on the public credits granted by the Russian Side will exceed 90 days, the Russian Side has the right to announce all debt remaining outstanding under this agreement urgent to repayment, and on this debt percent on the rate specified in Item 1 of this Article before date of complete repayment of this debt inclusive will be charged.

Article 6

1. For the purpose of ensuring timeliness of payment of the current payments the Kyrgyz Side shall place from signature date of this agreement in the "Development Bank and Foreign Economic Activity (Vnesheconombank)" State corporation security deposit in US dollars, equivalent to the amount of annual payment on public credit, on the terms of payment of percent on it to the Kyrgyz Side in the amount of, LIBOR which is not exceeding rate for 6-month deposits in US dollars in a month.

2. In case of untimely implementation of the current payments in repayment of principal debt or percent on it the Russian Side has the right to direct the amount of the specified deposit to repayment of overdue debt. The Kyrgyz Side shall fill the used part of the deposit in a month.

3. In case of not completion of security deposit by the Kyrgyz Side in the time specified in Item 2 of this Article, the Russian Side has the right to announce all debt remaining outstanding under this agreement urgent to repayment, and on this debt percent on the rate specified in Item 1 of Article 5 of this agreement before date of complete repayment of this debt inclusive will be charged.

Article 7

1. All amounts which are subject to payment by the Kyrgyz Side according to this agreement shall not be encumbered with any taxes and shall be paid without any restrictions, deductions, withdrawals or compensation deduction.

2. In case of implementation by the Kyrgyz Side only the parts of payments on due for settlement debt arriving for benefit of the Russian Side of the amount are used in the following priority:

on interest payment, added on overdue debt;

on interest payment, added under this agreement;

on repayment of overdue debt;

on repayment of principal debt.

Article 8

1. The "Development Bank and Foreign Economic Activity (Vnesheconombank)" state corporation and National Bank of the Kyrgyz Republic are authorized agents according to the Russian Side and the Kyrgyz Side.

2. The accounting treatment and calculations is under this agreement established by the Agreement between the "Development Bank and Foreign Economic Activity (Vnesheconombank)" State corporation and National Bank of the Kyrgyz Republic which shall be signed within 45 days from signature date of this agreement.

Article 9

Disputes and disagreements between the Parties concerning application and interpretation of this agreement or modification of this agreement are solved by carrying out consultations and negotiations between the Parties.

Article 10

This agreement becomes effective from the date of receipt of the last written notice of accomplishment of the interstate procedures by the Parties necessary for its entry into force, and is effective until all obligations following from its provisions are not executed by the Parties.

It is made in the city of Moscow on February 3, 2009 in duplicate, everyone in the Kyrgyz and Russian languages, and all texts are equally authoritative. In case of disagreements in case of interpretation of this agreement the text in Russian is assumed as a basis.

 

For the Government

Kyrgyz Republic

For the Government

Russian Federation

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info

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