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EBRD invests $ 70 million in Kyrgyzstan's economy

3 June 2015 17:40 (UTC+04:00)
EBRD invests $ 70 million in Kyrgyzstan's economy

By Vusala Abbasova

The European Bank for Reconstruction and Development plans to invest up to $70 million in Kyrgyz economy in 2015, EBRD President Suma Chakrabarti said following his visit to Kyrgyzstan on June 1-2.

Chakrabarti said the EBRD's basic goal is to start reforms that will improve on the investment climate and raise living standards in general.

He noted that the EBRD has made great efforts to increase funding in the private sector: infrastructure, financial, and other sectors of countries in Central Asia, particularly in Kyrgyzstan.

This is the second visit of Chakrabarti to the country since his election as the EBRD president in 2012. "My second visit shows the particular importance Kyrgyzstan holds for the EBRD,” he said prior to the visit.

In the framework of the visit, the EBRD president held a range of meetings with government representatives.

The president met with Prime Minister Temir Sariyev, Minister of Economy Oleg Pankratov, Finance Minister Adylbek Kasymaliyev, and Chairman of the National Bank, Tolkunbek Abdygulov.

The EBRD delegation considers financing needs in local currency and capital market development, support for public services, in particular, water supply for further successful integration into the Eurasian economic structures.

The EBRD has already allocated over 570 million euros to finance 120 projects in various sectors of the economy in Kyrgyzstan since the beginning of cooperation in 1992.

GDP growth in the Kyrgyz Republic is expected to decline to 3.0 percent in 2015 from 3.6 percent in 2014, according to the EBRD. The slowdown reflects sharply lower remittances from Russia and more difficult export environment due to recession, depreciation of the Russian rouble and sharply slower growth in Kazakhstan, the country’s main trading partner and a source of remittances.

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