EFSD project block monitors the reconstruction of the Bishkek–Osh road (Phase IV)
Moscow, 16 July 2019. The Project Block of the Eurasian Fund for Stabilization and Development (EFSD) managed by the Eurasian Development Bank (EDB) visited the Kyrgyz Republic with a mission from 9 to 12 July 2019 to monitor the reconstruction of the Bishkek–Osh road (Phase IV).
The mission met with Samat Kylzhyev, Head of the Central Office of the Government, Gulmira Abdraliyeva, Head of Construction, Transport and Communications at the Central Office of the Government, and Zhanat Beishenov, Minister of Transport and Roads of the Kyrgyz Republic, to discuss progress in project implementation. During field visits, the mission also met with representatives of the Ministry of Transport and Roads, the contractor, and the engineering consultant to review project management issues and progress in the contractor’s mobilisation.
The mission inspected procurement and financial management, as well as compliance with environmental and social standards.
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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