The loan agreement between EDB and the Kyrgyz Republic on the rehabilitation of the Toktogul HPP (Phase 2) takes effect
Moscow, 29 March 2016. — On 25 March 2016, the agreement to provide a US $100 million investment credit from the EFSD for the rehabilitation of the Toktogul HPP (Phase 2) took effect. In the near future, the Kyrgyz Ministry of Economy will begin to prepare tender documents to arrange procurement for the project. Procurement will be effected using international bidding procedures.
The project is co-financed by the Asian Development Bank. It envisions replacing Units 2 and 4, including the replacement or repair of auxiliary systems and plant equipment, at the Toktogul HPP, one of hydro power plants of the Toktogul cascade. The cascade is Kyrgyzstan's largest hydro facility and strategic site. The Toktogul HPP, with an installed capacity of 1,200 MW, is the largest and most important plant in the cascade. The project will help to enhance power supplies from domestic sources and support international trade in electricity. It will also improve asset management, as well as planning and performance in the sector.
The Fund's Manager is also considering Kyrgyzstan's preliminary application for financing Phase 3 of the project.
Additional Information:
Eurasian Development Bank (EDB) is an international financial institution founded by Russia and Kazakhstan in January 2006 with the mission to facilitate the development of market economies, sustainable economic growth, and the expansion of mutual trade and other economic ties in its member states. EDB's charter capital totals US $7 billion. The member states of the Bank are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan.
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The Eurasian Fund for Stabilisation and Development (EFSD) amounting to US$8.513 billion was formed as the EurAsEC Anti-Crisis Fund on 9 June 2009 by the governments of six countries: Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan. The objectives of the EFSD are to assist its member countries in overcoming the consequences of the global financial crisis, ensure their economic and financial stability, and foster integration processes in the region. The EFSD member countries signed the Fund Management Agreement with Eurasian Development Bank giving it the role of the EFSD Resources Manager.
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