IFC is ready to invest more than $130 million in Kyrgyzstan's renewable energy and water supply projects, IFC Regional Vice President for the Middle East, Central Asia, Turkey, Afghanistan and Pakistan Hela Cheikhrouhou saidat a meeting with Prime Minister Adylbek Kasymaliev on the sidelines of the IMF and World Bank Group Spring Meetings in Washington.
The parties discussed IFC's current projects in the Kyrgyz Republic and prospects for expanding cooperation, in particular in the field of alternative energy, water supply, small and medium-sized businesses, and investments, The Caspian Post reports citing Akipress.
Kasymaliev emphasized the importance of attracting private investment for the country's sustainable economic growth and expressed gratitude to IFC for its support.
"Today, we can confidently say that the Kyrgyz Republic is creating a favorable and sustainable business environment for investment and partnership. Our state policy is focused on developing private sector, strengthening the rule of law, protecting investors and ensuring transparency of all processes. We are actively working on digitalization, reducing administrative barriers and strengthening the legal protection of investors," he said.
Particular attention was paid to the efforts of the Kyrgyz government to improve the investment climate.
"Thanks to joint efforts, a new draft law on investments was submitted to the pParliament, aimed at eliminating barriers to foreign direct investment, introducing investor protection mechanisms and effectively resolving disputes. I would like to confirm the commitment of the Cabinet of Ministers to the protection of private property and the rights of investors," the Cabinet Chief noted.
Kasymaliev also emphasized that the economy of the Kyrgyz Republic is in need of investment, and private investment is a key factor in ensuring sustainable economic growth. He spoke about the ongoing reforms to reduce bureaucracy and transfer certain public services to the private sector through public-private partnership (PPP) and outsourcing mechanisms aimed at reducing bureaucratic barriers and increasing trust in government institutions.
"A significant event is the increase in the country's credit rating to "B+" with a "stable" outlook according to S&P Global Ratings. This was achieved thanks to high macroeconomic indicators, a stable fiscal position, sustainability of public debt and ongoing structural reforms in the country aimed at supporting business, modernizing infrastructure and improving the investment climate," the head of the Cabinet of Ministers noted.
The issue of increasing the authorized capital of the International Finance Corporation (IFC) was also raised during the meeting.
The Chairman of the Cabinet of Ministers also added that the government will closely monitor that all investments attracted to Kyrgyzstan meet the principles of sustainable development and benefit the local population.
In turn, Hela Cheikhrouhou noted the positive changes in the investment climate of Kyrgyzstan and confirmed IFC's interest in expanding its activities in the country. She expressed readiness to consider new projects and areas of cooperation that meet the development priorities of the Kyrgyz Republic.
At the end of the meeting, Kasymaliev expressed confidence in further strengthening and expansion of fruitful cooperation between the Kyrgyz Republic and the International Finance Corporation, thanking IFC for its ongoing support in sustainable development and economic growth of the country.
