BISHKEK, Kyrgyzstan, July 13. Kyrgyzstan and the Asian Development Bank (ADB) have signed two agreements totaling $106 million, TurkicWorld reports.
According to the Kyrgyz Ministry of Finance, Minister Almaz Baketayev signed the documents representing Kyrgyzstan, while ADB's Country Director Zheng Wu signed on behalf of the bank's resident mission in the country.
The agreements encompass the Sustainable Fiscal Management and Governance Improvement Program, valued at $50 million, and the Issyk-Kul Environmental Management and Sustainable Tourism Development Project, amounting to $56 million.
In addition to these commitments, discussions addressed joint plans for enhancing the State Development Bank of Kyrgyzstan. Minister Baketayev also proposed the establishment of a Central Asian Guarantee Fund with an operational base in Kyrgyzstan.
For reference, the $50 million allocated for the Sustainable Fiscal Management and Governance Improvement Program, includes a $43 million policy-based concessional loan and a $7 million grant from the Asian Development Fund (ADF).
This initiative aims to bolster public financial management, enhance corporate governance and procurement practices of state-owned enterprises, refine tax policies and administration, and elevate transparency and accountability within public administration. These reforms are anticipated to foster resilient and inclusive economic growth.
Regarding the Issyk-Kul Environmental Management and Sustainable Tourism Development Project, ADB's funding includes a $25 million concessional loan and a $31 million grant from the ADF.
These funds will be utilized to construct climate-resilient infrastructure, such as a wastewater treatment plant, pumping stations, and upgraded sewer systems in key areas like Cholpon-Ata, the primary resort town in the Issyk-Kul region. These developments are critical for supporting resorts, guesthouses, residential, and business districts, aiming to safeguard the pristine environment of Issyk-Kul Lake.
