IFC Eyes Over $130 Million Investment in Kyrgyzstan’s Projects

The Kyrgyz Republic is actively creating an open and sustainable business environment, demonstrating its readiness to attract private investment,Chairman of the Cabinet of Ministers Adylbek Kasymaliev told during a meeting with Regional Vice President of the International Finance Corporation (IFC) Hela Sheikhrouhu on the sidelines of the IMF and World Bank Spring Meetings in Washington.

The parties discussed prospects for expanding cooperation, in particular in such key areas as alternative energy, water supply, and support for small and medium businesses, The Caspian Post reports, citing Kyrgyz media.

Hela Sheikhrouhu noted the positive changes in the investment climate of Kyrgyzstan and confirmed IFC's readiness to invest over $130 million in renewable energy and water supply projects.

Adylbek Kasymaliev emphasized that private investment is a key factor in the country's sustainable economic growth:

"We confidently declare that Kyrgyzstan is open to investment and partnership. The center of our policy is the development of the private sector, protection of investors and ensuring transparency of all processes."

The head of the Cabinet of Ministers announced the submission to parliament of a new draft law on investments aimed at eliminating barriers for foreign investors and introducing additional mechanisms for protecting capital. He also focused on reforms to reduce bureaucracy, digitalization and expansion of public-private partnerships.

An additional confirmation of the country's investment attractiveness was the increase in Kyrgyzstan's credit rating to "B+" with a "Stable" outlook according to S&P Global Ratings.

At the end of the meeting, Kasymaliev expressed confidence in the further expansion of cooperation with the IFC and emphasized that the government will closely monitor that the investments attracted comply with the principles of sustainable development and bring real benefits to the population.