BISHKEK, Kyrgyzstan, May 8. The Kyrgyzstani Parliament ratified EBRD (European Bank for Reconstruction and Development) credit and grant agreements for the Issyk-Kul ring road development project in the second reading, TurkicWorld reports.
The parliament reported that the EBRD will lend the Kyrgyz government 44.2 million euros for 20 years with a five-year grace period to rebuild the 30-km Balbay Baatyr-Kakol route, where interest will total merely one percent. Additionally, the country will receive 3.2 million euros in grants.
The Central Asia Regional Economic Cooperation (CAREC) Program's route includes the 440-kilometer Issyk-Kul Ring Road, one of Kyrgyzstan's six prioritized transport connections in its National Road Sector Development Strategy 2025. This effort promotes economic growth, connectivity, and regional market participation.
As of February 29, 2024, the EBRD estimated the loan portfolio of the bank's projects in Kyrgyzstan at 232 million euros, intended for the implementation of 81 active projects. Overall, the bank has invested 970 million euros in Kyrgyzstan for 242 projects.
