EDB and ADB discuss their plans on co-financing projects in Kyrgyzstan
Moscow, 13 March 2014. Asian Development Bank (ADB) has acknowledged the significant progress achieved in co-financing the Bishkek-Osh Road Rehabilitation Project, Phase IV in the Kyrgyz Republic together with Eurasian Development Bank (EDB) in its capacity of the Resources Manager of the EurAsEC Anti-Crisis Fund (ACF). This is one of the outcomes of the discussion between Alexei Cherekaev, Head of the Project Group, ACF Department, EDB, and members of ADB’s Board of Directors, Governors, and Project Managers. The discussion was held in Manila in the framework of the Annual Meeting of donors engaged in ADB-financed projects.
Bishkek-Osh road——the only one connecting the northern and southern regions of the Kyrgyz Republic——urgently needs major repair. The Project envisages that EDB will finance rehabilitation of its Madaniyat — Jalal-Abad section (67 km) using the ACF resources, while ADB — its Bishkek — Kara-Balta section (52.5 km).
In December 2013, the ACF Council adopted a decision on providing a loan of US $60 million from the Fund’s resources to the Kyrgyz Republic to finance this project.
Additionally, the scope of the discussion also covered the prospects of co-financing one more project in Kyrgyzstan. In particular, ADB representatives reported that their Board of Directors had approved financing of the Toktogul HPP Rehabilitation Project in Kyrgyzstan in the amount of up to US $100 million. In early 2014, EDB also received an application from the Ministry of Finance of the Kyrgyz Republic to finance this project using ACF’s resources in the amount of US $75 million.
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 exceeds US $1.5 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.
Read more about EDB at http://www.eabr.org.
The EurAsEC Anti-Crisis Fund (ACF) amounting to US $8.513 billion was formed on 9 June 2009 by the governments of the same six countries. The objectives of the ACF are to assist the member countries in overcoming the consequences of global financial crisis, ensure their economic and financial stability, and foster integration processes in the region. The ACF member countries signed the Fund Management Agreement with Eurasian Development Bank giving it the role of the ACF Resources Manager.
Read more at http://efsd.eabr.org.
For additional information please contact EDB Media Centre:
Mikhail Mzareulov, +7 9032446025