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Thursday, August 24, 2017

Asian Development Bank, Kyrgyzstan aim to strengthen relationship

Asian Development Bank (ADB) President Takehiko Nakao met with Kyrgyzstan President Almazbek Atambaev and Prime Minister Djoomart Otorbaev during a visit to strengthen partnerships between the bank and the nation.

2014 marks the 20th year that the Republic of Kyrgyzstan has been in partnership with the bank; over that time, the country has made great strides in economic development and the successful transition to democratic practices.

"To build on this momentum, the government needs to promote reforms to improve the climate for private sector investment. It should also deliver equal access to economic opportunities, a quality education, as well as better infrastructure,” Nakao said.
In 2013, the republic saw significant growth in GDP, at 10.5 percent, although it is expected to slow to 4 percent in 2014 due to slowdowns in Russian markets. In the partnership, the ADB is supporting the government's efforts for regulatory reform to improve the business climate, as well as programs to improve infrastructure and expand finance options that are affordable.

One project that stands out is the $110 million in support for Phase 2 of the Toktogul hydro-power plant rehabilitation project. It produces approximately 40 percent of the nation's power.

For 20 years the ABD has provided $1.3 billion in loans and grants to the republic.
At the Central Asia Regional Economic Conference (CAREC) recently, Nakao expressed support for the CAREC programs that support development of countries in the region.

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Asian Development Bank

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