New horizons of cooperation: the EDB signs two agreements at the 6th Kyrgyz-Russian Economic Forum
Bishkek, 12 September 2024. The Eurasian Development Bank (EDB) participated in the 6thKyrgyz-Russian Economic Forum, held on 11–12 September 2024 in the Issyk-Kul Region, Kyrgyz Republic. The event was attended by Denis Ilin, EDB Senior Managing Director, and Azamat Tyuleubai, Managing Director of the Bank’s Directorate of Energy. At the forum, the EDB and the Russian-Kyrgyz Development Fund (RKDF) signed an agreement on investment projects and a memorandum on establishing a waste management system under a public-private partnership involving the Bank, Kyrgyzstan’s Ministry of Natural Resources, RKDF and the Taza Alliance Group of Companies.
During his presentation, Denis Ilin provided an overview of key developments in 2022–2023, including the EDB’s 2026 Development Strategy. He noted that over 18 years of operations the Bank has invested more than US $15.4 billion in the Eurasian region, including US $4.9 billion in its current investment portfolio.
Denis Ilin also highlighted the EDB’s role in financing cross-country integration mega-projects such as the Central Asian Water and Energy Complex, the Eurasian Transport Network and the Eurasian Agricultural Goods Distribution System, as well as its support for infrastructure.
Azamat Tyuleubai spoke about the Bank’s role in promoting the United Nations’ Sustainable Development Goals, with a focus on green projects, support for green energy and sustainable economic growth. He noted that to date, the EDB has invested US $1.3 billion in green projects, including the construction of the Kulanakhydropower plant.
Additionally, the Central Asian Water and Energy Complex mega-project envisions the design of 40 MW hydropower plants and the reconstruction of the Astrakhan–Mangyshlak water pipeline. Other projects include the conversion of Almaty CHPP-3 from coal- to gas-fired generation, with an increase in its capacity to 480 MW, as well as the construction of solar and wind power plants with a total capacity of 353 MW. Azamat Tyuleubaiemphasised that these projects aim to enhance energy security and promote the efficient use of water in the region.
During the forum, the EDB and RKDF signed an agreement on the joint financing of investment projects, with each party contributing at least US $10 million. The agreement will prioritise projects of economic and strategic importance to the Kyrgyz Republic.
In addition, the EDB signed a memorandum of understanding and cooperation with Kyrgyzstan’s Ministry of Natural Resources, RKDF and Taza Alliance. This document aims to create a waste management system to increase recycling and reuse in industry. Key facilities will include sorting stations for waste paper, plastic, glass and metals in several regions (Osh, Issyk-Kul, Batken and Jalal-Abad). The project will be implemented as a public-private partnership, with participation from Taza Alliance and financing from the EDB, RKDF and private investors. The EDB Technical Assistance Fund is currently preparing the project.
The 6th Kyrgyz-Russian Economic Forum focused on strategic aspects of economic cooperation, the exchange of experience and the promotion of partnerships between representatives of Kyrgyzstan and Russia. The event outlined new opportunities for joint projects, especially in green energy and the stock market, which are important for strengthening economic ties in Eurasia.
Additional Information:
The Eurasian Development Bank (EDB) is a multilateral development bank investing in Eurasia. For more than 18 years, the Bank has worked to strengthen and expand economic ties and foster comprehensive development in its member countries. The EDB's charter capital totals US $7 billion. Its portfolio consists principally of projects with an integration effect in transport infrastructure, digital systems, green energy, agriculture, manufacturing and mechanical engineering. The Bank adheres to the UN Sustainable Development Goals and ESG principles in its operations.
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