The EFSD conducts a monitoring mission under the Biskek–Osh Road Reconstruction Project (Phase IV)
Moscow, 21 May 2019.
The Project Block of the Eurasian Fund for Stabilization and Development (EFSD) managed by the Eurasian Development Bank (EDB) conducted a mission to the Kyrgyz Republic from 13 to 17 May 2019 to monitor the progress of the Bishkek–Osh Road Reconstruction Project (Phase IV).
The delegation visited a 67 km section of the road reconstructed using an EFSD investment credit. Despite the fairly high level of equipment mobilisation by the project’s general contractor AzVirt, the mission noted that some operations were behind the agreed schedule. The delegation had a working meeting with representatives of the Ministry of Finance and the Ministry of Transport and Roads of the Kyrgyz Republic, the general contractor, and Renardet S.A., project supervisor, to discuss the most pressing project issues that require attention.
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 Eurasian Development Bank, as the EFSD Resources Manager, and the Kyrgyz Republic signed an investment credit 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 accidents in a 67 km section of the Bishkek–Osh road corridor running from Madaniyat to Jalal-Abad. The investment credit totals US $60 million.
The EDB Media Centre:
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Sergey Gorbachev +7 (916) 727 22 00 (Moscow)