Kazakhstan wants to attract investors to modernize boarding houses in Issyk-Kul to fulfill its obligations to Kyrgyzstan. This became known from the draft law published by the Ministry of Finance of Kazakhstan.

Until January 28, the Ministry of Finance submitted for discussion a draft law on ratification of amendments to the agreement with Kyrgyzstan, which regulates Kazakhstan's rights to resort facilities in Issyk-Kul region.

Under the 2009 agreement, Kazakhstan leased for 49 years land plots in Issyk-Kul District, where the Kazakhstan Sanatorium, Universitet Camp, Olympus Center and Samal Rest House are located. According to the agreement, Kazakhstan undertook to modernize them to the level of 3-4-star hotels.

Now, according to the Finance Ministry document, the state plans to attract investors to fulfill these obligations so as not to waste budget funds.

“The Kazakh side will work out the transfer of objects to investors in accordance with the legislation of Kyrgyzstan and extend the deadline for fulfillment of obligations,” the Finance Ministry said in a statement.

Earlier it was reported that the deadline for the reconstruction of boarding houses until December 31, 2029. If Kazakhstan fails to fulfill the terms, Kyrgyzstan will be able to terminate the lease agreement unilaterally.