BISHKEK, Kyrgyzstan, November 4. Kyrgyzstan and the OFID (OPEC Fund for International Development) have agreed to develop a roadmap for implementing joint projects, TurkicWorld reports, referring to the country’s Ministry of Economy and Commerce.
The agreement was enacted during a meeting between Sanzhar Bolotov, Deputy Minister of Economy and Commerce, and Shaimaa Al-Sheiby, Vice President of OFID, at the 9th session of the Kyrgyz-Austrian Commission on Bilateral Economic Relations in Vienna.
Bolotov provided an overview of Kyrgyzstan's current economic situation at the meeting, emphasizing ongoing reforms designed to foster a favorable business environment and attract foreign investment.
He also highlighted key strategic projects, including the construction of the Kambarata HPP-1 and the China-Kyrgyzstan-Uzbekistan railway, both of which are vital for the country's infrastructure development.
Bolotov suggested that OFID consider participating in projects related to energy, transport infrastructure, agriculture, and housing mortgage construction.
The parties also explored opportunities for financing private investment projects under the Framework Agreement for organizing private sector operations between Kyrgyzstan and OFID, signed on August 22, 2024.
To note, OFID, established in 1976, is a multilateral development finance institution comprising 12 member countries, including Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, the UAE, and Venezuela. It is the only globally authorized development institution that provides funding from member countries exclusively to non-member states.
The organization works in partnership with developing countries and the global community to kickstart economic growth and pave the way for social progress in low- and middle-income nations.
