Kyrgyzstan’s economic priorities within the focus of the Eurasian Development Bank
The Eurasian Development Bank (EDB) acted as co-organizer of the business forum for Kyrgyz and Russian business circles that was held at Lake Issyk Kul.
The business forum brought together more than 100 representatives for government agencies and social activists from both countries, as well as representatives of international organizations and businessmen. Issues to be covered at the forum include development of Russian-Kyrgyz investment collaboration, and discussions of pressing issues in economic and business activity in Kyrgyzstan. Over 70 promising Kyrgyzstan-based investment projects will be proposed at the forum. The Government of the Republic of Kyrgyzstan is a co-organizer of the forum, and other co-organizers are: the United Nations Development Programme in Kyrgyzstan, the EurAsEC Business Council, and the Eurasian Development Bank (EDB).
The priorities for Kyrgyzstan’s economic development identified in the countries development strategy for 2007 - 2010 are within the Eurasian Development Bank’s scope, according to the EDB’s CEO Mr. Igor Finogenov, who spoke at the forum on Friday. He noted that the Bank will give special attention to industries such as production and electricity distribution, transport, construction, agriculture, the mining industry, and SMEs.
Mr. Finogenov noted that the EDB is especially interested in taking part in a financing project for the construction of the Kambaratinsk Hydropower Plants numbers 1 and 2 along the Naryn river. A task group formed with Inter RAO UES will discuss the Bank’s role in these projects. The EDB is also prepared to act as a consultant and a financing organizer for this project.
“We are looking at this as a kind of pilot project for developing Central Asia's rich hydropower potential," Igor Finogenov emphasized. “Reaching an agreement of the hydropower plant project details with all of the interested parties will be an important precedent in the development of integration processes. In the future, this experience may be applied to decision-making processes in the construction of other hydropower facilities in the region, which will help reinforce trust and cooperation in the Aral Seabasin.”
A definite priority for the EDB in Kyrgyzstan will be major long-term transport infrastructure projects. The EDB is currently considering the possibility of joining a road-building project in Almaty-Issyk-Kul.
During the business forum, the EurAsEC Business Council Association awarded Igor Finogenov a Diploma and Gold Medal for his contribution to business cooperation in EurAsEC countries.
About the EDB
The Eurasian Development Bank is an international financial organization instituted by Russia and Kazakhstan in January 2006 in order to stimulate development of market economies in its member countries, as well as their sustainable economic growth and expansion of mutual trade and economic ties. The EDB is dedicated to becoming one of the key components of the financial infrastructure in Eurasia, serving as an effective investment mechanism for the development of cooperation among member countries, facilitating deeper integration processes and aligning the levels of socio-economic development in the countries in the post-Soviet space. The Bank was created per an initiative of the Presidents of the Russian Federation and the Republic of Kazakhstan. The EDB’s charter capital currently amounts to USD 1.5 billion.