EFSD Executive Director meets with the Ministry of Transport and Roads of the Kyrgyz Republic and the management of the country’s power sector
Moscow, 24 July 2019. Andrey Shirokov, Executive Director of the Eurasian Fund for Stabilization and Development (EFSD) managed by the Eurasian Development Bank (EDB), met with Zhanat Beishenov, Minister of Transport and Roads of the Kyrgyz Republic, the management of the State Committee for Industry, Energy and Subsoil Use of the Kyrgyz Republic, and representatives of the National Energy Holding Company and Elektricheskiye Stantsii, during EFSD delegation's visit to Bishkek.
The sides discussed current issues of their bilateral cooperation, including progress in EFSD investment projects in the Kyrgyz Republic, as well as their mid-term plans and the future of their strategic partnership in the area of transport and energy. They also reviewed the priority areas of their joint work to develop and promote investment projects in these sectors in line with the objectives set by the National Development Strategy of the Kyrgyz Republic until 2040.
Andrey Shirokov and the Ministry of Transport and Roads of the Kyrgyz Republic also discussed progress in the reconstruction of the Bishkek–Osh road (Phase IV).
The 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. The 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.
The Eurasian Fund for Stabilization and Development (EFSD) amounting to US$8.513 billion was formed on 9 June 2009 by the governments of the same six countries. 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 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.
The EDB, as the EFSD Resources Manager, and the Kyrgyz Republic signed an investment loan agreement to finance the reconstruction of the Bishkek–Osh road (Phase IV) on 20 March 2014. The project intends to enhance the throughput capacity and reduce the accident rate on a 67 km section of the Bishkek–Osh road corridor running from Madaniyat to Jalal-Abad. The investment loan totals US $60 million.
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