EFSD project block visits the Kyrgyz Republic with a mission to monitor energy projects
Moscow, 16 July 2019. From 9 to 12 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 to monitor the implementation of energy projects: Toktogul HPP Rehabilitation (Phase 2), Uch-Kurgan HPP Rehabilitation, and Commissioning of Unit 2 at Kambarata HPP 2.
The mission met with the management of the National Energy Holding Company and Elektricheskiye Stantsii to discuss pressing issues relating to the projects.
After negotiations, the parties expressed their satisfaction with the work of the joint team to prepare and announce a tender for selecting an engineering consultant for the project to commission Unit 2 at Kambarata HPP 2. They also outlined the next steps and expressed their readiness to enhance cooperation.
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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