On the ratification of the Agreement between the Government of the Republic of Kazakhstan and the Government of the Republic of Korea on Loans from the Fund for Economic Development and Cooperation

Home / RLA / On the ratification of the Agreement between the Government of the Republic of Kazakhstan and the Government of the Republic of Korea on Loans from the Fund for Economic Development and Cooperation

The Law of the Republic of Kazakhstan dated December 10, 1999 No. 495-1

To ratify the Agreement between the Government of the Republic of Kazakhstan and the Government of the Republic of Korea on Loans from the Fund for Economic Development and Cooperation, signed in Astana on August 24, 1999.

President of the Republic of Kazakhstan

Unofficial translation

Agreement between the Government of the Republic of Kazakhstan and By the Government of the Republic of Korea regarding loans from the Fund for Economic Development and Cooperation

(Official website of the Ministry of Foreign Affairs of the Republic of Kazakhstan - Entered into force on December 29, 1999)

The Government of the Republic of Kazakhstan and the Government of the Republic of Korea (hereinafter referred to as the "Contracting Parties"), wishing to support the economic development of the Republic of Kazakhstan and promote economic cooperation between the two countries, have agreed on the following:  

Article 1 The Government of the Republic of Korea undertakes, in accordance with its laws and regulations, to provide loans from the Fund for Economic Development and Cooperation (hereinafter referred to as the "FERS") to the Government of the Republic of Kazakhstan or an agency designated by the Government of the Republic of Kazakhstan (hereinafter referred to as the "Borrower") for the implementation of projects to be agreed upon (hereinafter referred to as the "Borrower"). The "Project") between the Contracting Parties.  

Article 2 The Contracting Parties undertake to conclude separate agreements (hereinafter referred to as "Agreements") for the implementation of loans, which will regulate the amounts, terms and conditions of loans from FERS (hereinafter referred to as "Loan").  

Article 3 (1) The Loan will be provided through a loan agreement (hereinafter referred to as the "Loan Agreement"), which must be concluded between the Borrower and the Export-Import Bank of Korea (hereinafter referred to as the "Bank"), the Government Agency of the FERS. (2) If the Borrower is not the Government of the Republic of Kazakhstan, a guarantee for the loan, duly executed by the Government of the Republic of Kazakhstan, must be provided to the Bank.

 Article 4 The Loan funds will be used to cover payments to be made by the agencies of the Republic of Kazakhstan for the implementation of the Project to suppliers, contractors and/or consultants from eligible source countries under such contracts that may be concluded between them for the purchase of goods and services necessary for the implementation of the Project.  

Article 5 With regard to insurance of cargo and sea transportation of goods purchased with Loan funds, the Government of the Republic of Kazakhstan undertakes to refrain from imposing any restrictions that may hinder fair and free competition between cargo and marine insurance companies of the two countries.  

Article 6 The Government of the Republic of Kazakhstan undertakes to take the necessary measures to ensure the activities of the Korean citizens involved in the Project and to assist them in obtaining the necessary services and amenities that may be required to fulfill their mission in the Republic of Kazakhstan.  

Article 7 The Government of the Republic of Kazakhstan undertakes to exempt the Bank from any fiscal charges or taxes imposed on and/or in connection with the Loan and on the interest received on it.

Article 8 The Government of the Republic of Kazakhstan undertakes to take the necessary measures to ensure that the facilities built with the Loan funds are maintained and used in the best possible way for the purposes described in this Agreement.  

Article 9 The Contracting Parties undertake, at the request of either Party, to consult with each other on any issues related to the implementation of this Agreement and, in accordance with their respective laws and regulations, to take the necessary measures to ensure the most correct and effective use of the Loan.

 Article 10 (1) This Treaty shall enter into force from the moment when the Contracting Parties inform each other in writing that all internal procedures for the entry into force of the Treaty have been completed. (2) This Agreement shall remain in force for a period of ten (10) years and shall remain in force thereafter, unless the Contracting Parties give six (6) months prior written notice of their intention to terminate it. (3) Amendments to or terminations of this Agreement shall not affect the validity of the Agreements and Loan Agreements concluded under this Agreement during their respective validity periods. In witness whereof, the undersigned, being duly authorized by their respective Governments, have signed this Treaty. Produced in two copies in Astana on August 24, 1999 in English, both copies are equally valid.

President

Republic of Kazakhstan

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