The EDB to continue investing in projects in Kyrgyzstan in 2024: Akylbek Japarov, Chairman of the Cabinet of Ministers of the Kyrgyz Republic, meets with Nikolai Podguzov, Chairman of the EDB Management Board
Bishkek, 22 May 2024. On 21 May, Nikolai Podguzov, Chairman of the Management Board at the Eurasian Development Bank (EDB), met with Akylbek Japarov, Chairman of the Cabinet of Ministers and Head of the Presidential Administration of the Kyrgyz Republic.
During the meeting, Nikolai Podguzov noted that in 2022–2023, the Bank had successfully increased its investment portfolio in Kyrgyzstan, aligning with its Country Strategy. Over this period, the Bank’s cumulative investment reached 61.6% of the planned five-year target for 2022–2026. By the end of 2023, its current project portfolio had grown by more than 1.6 times year-on-year, reaching US $101.5 million. In 2023, the EDB provided US $92 million for new investment projects in Kyrgyzstan, a record high since the beginning of its operations in the country.
Nikolai Podguzov added that in 2024, the Bank will continue to focus on intensifying project activities in the Kyrgyz Republic under the Central Asia Water and Energy Complex and Eurasian Transport Network mega-projects as well as initiatives in green energy, public utilities, industry and digitalisation.
The EDB plans to continue financing key projects, including the construction and operation of the 100-MW Kulanak HPP and a state-of-the-art clinker burning line at the Kant Cement Plant. As part of the Central Asian Water and Energy Complex mega-project, the Kulanak HPP is expected to enhance energy security and strengthen Kyrgyzstan’s position in Central Asia’s electricity market.
Additionally, Nikolai Podguzov emphasised the Bank’s support for digitalisation initiatives. These include a project to establish a system of electronic vehicle passports and the “Work in the EAEU” mobile app. This app provides access to government and commercial services, facilitates obtaining necessary documents, offers digital services in destination countries and contains information on vacancies in EAEU countries. The app was first launched in the Kyrgyz Republic and is now also available in Russia and Armenia.
Overall, the EDB is considering investment projects worth approximately US $200 million.
The meeting resulted in the signing of the following important documents:
- a technical assistance agreement for the purchase of equipment for the Bishkek CHPP. This project, funded by the Technical Assistance Fund (TAF), aims to reconstruct the heat and power plant to ensure reliable and uninterrupted generation of electricity and heat, preventing potential energy crises. The initiative includes the purchase and installation of plant equipment. The total project value is up to US $537,500.- an agreement to support a PPP project to construct and maintain a bypass road around Uzgen, with TAF funding. This project aims to develop the road sector and improve connectivity of the Osh Region, ensuring high road safety and improving the environmental situation in Uzgen, including through new information technologies for toll road management.
Akylbek Japarov expressed readiness for mutually beneficial cooperation with the EDB, outlining his expectations that, under the Bank’s new strategy until 2026, the EDB will seek to implement larger projects in renewable energy, transport infrastructure using public-private partnership (PPP) mechanisms and support to the private sector by providing soft-term funding.
“Today, we signed two strategically important agreements aimed at improving Kyrgyzstan’s infrastructure. The Bishkek heat and power plant plays a key role in the lives of city residents, and the bypass road around Uzgen will help to advance the road sector and connectivity in the country. We are very pleased to contribute to the sustainable development of Kyrgyzstan and support its important social and economic initiatives,” concluded Nikolai Podguzov.
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.
The EDB Media Centre:
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