The EDB’s investment in the Kyrgyz Republic expands: Almaz Baketaev, the nation’s Minister of Finance, meets with Nikolai Podguzov, Chairman of the EDB Management Board
Bishkek, 21 May 2024. Nikolai Podguzov, Chairman of the Management Board at the Eurasian Development Bank (EDB), met with Almaz Baketaev, Minister of Finance and Plenipotentiary Representative of the Kyrgyz Republic in the EDB Council. The Chairman of the EDB Management Board noted that the Bank’s investment portfolio in the Kyrgyz Republic demonstrated significant growth in 2023.
During the meeting, Nikolai Podguzov highlighted that in 2022 and 2023, the EDB exceeded the investment portfolio increase targets outlined in the nation’s Country Strategy. Over this period, the Bank’s cumulative investment in the country reached 61.6% of the five-year indicative investment target for 2022–2026. By the end of 2023, its current project portfolio had grown by more than 1.6 times year-on-year, totalling US $101.5 million. In particular, the EDB is financing the construction of the 100-MW Kulanak HPP and a state-of-the-art clinker burning line at the Kant Cement Plant. In 2023, the Bank’s Technical Assistance Fund (TAF) launched three technical assistance projects worth approximately US $4.2 million.
Nikolai Podguzov added that in 2024, the Bank will continue to focus on intensifying project activities in the Kyrgyz Republic in priority domains such as initiatives under the Central Asia Water and Energy Complex and Eurasian Transport Network mega-projects as well as projects in green energy, public utilities, industry and digitalisation.
During the meeting, participants signed a quadripartite memorandum on the modernisation and expansion of the Kyrgyz Stock Exchange (KSE). According to the document, the Bank will provide KSE with a grant of up to US $500,000 to modernise its IT infrastructure, which has not been updated since 2001. Additionally, the Bank is considering a grant to support market assessment for new financial instruments in Kyrgyzstan and updating KSE’s business plan.
In conclusion, Nikolai Podguzov expressed his gratitude to the Ministry of Finance of the Kyrgyz Republic for their productive cooperation.
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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