Agreement between the Government of the Kingdom of Denmark and the Government of the Kyrgyz Republic on the consolidation of the debt of the Kyrgyz Republic to the Kingdom of Denmark (Copenhagen, May 28, 2002)

Agreement
between the Government of the Kingdom of Denmark and the Government of the Kyrgyz Republic on the consolidation of the debt of the Kyrgyz Republic to the Kingdom of Denmark
(Copenhagen, May 28, 2002)

The Government of the Kingdom of Denmark and the Government of the Kyrgyz Republic have - in accordance with the Agreed Minute signed in Paris on March 7, 2002, as a result of the conference on the consolidation of the debt of the Kyrgyz Republic at which the Government of the Kingdom of Denmark and the Government of the Kyrgyz Republic were represented - agreed as follows:

Article I. Debts Concerned

The present Agreement shall apply to the servicing of debts resulting from commercial credits concluded before August 1, 2001 and guaranteed by the Eksport Kredit Fonden (the Export Credit Fund, hereinafter referred to as «EKF») having an original maturity of more then one year and which were extended to the Government of the Kyrgyz Republic.

Article II. Terms of the Consolidation

1. 100% of the amounts of principal and interest due as at December 5, 2001 inclusive (including late interest) and not paid on credits and loans mentioned in Article I above will be repaid not later than December 1, 2002.

2. 100% of the amounts of principal and interest due from December 6, 2001 up to December 5, 2004 inclusive and not paid on the credit mentioned in Article I will be rescheduled. Repayment by the Government of the Kyrgyz Republic of the corresponding sums will be made as follows:

Article III. Amounts Involved

The debts involved are agreed to be:

Arrears according to Article II.1 USD 639.245,5

Amount to be consolidated including USD 4.363.912,50

to Article II.2

The amount is specified in the Appendix attached to this agreement.

Article IV. Interest

Interest on the Commercial Credit will be paid by the Government of the Kyrgyz Republic in accordance with the following provisions:

1. General Provisions

a. Interest shall be calculated on the rescheduled amounts on the basis of 360 days a year,