IsDB signs $129mln financing agreements with Kyrgyz Republic
Jeddah: The Islamic Development Bank (IsDB) and the Kyrgyz Republic cosigned financing agreements on Wednesday for three projects in the agriculture, energy, and education sectors, with a total value of $129.11 million.
This includes a $15 million grant from the Global Partnership for Education (GPE), for which the IsDB serves as trustee.
The agreement was signed on the sidelines of the Spring Meetings of the World Bank Group (WBG) and the International Monetary Fund (IMF), in the presence of Chairman of the Islamic Development Bank Dr. Muhammad Al Jasser and Minister of Finance of the Kyrgyz Republic Almaz Baketaev.
The agreement aims to promote inclusive and quality education in Kyrgyzstan.
The three funded projects support priority sectors in the country: one will finance a credit line to boost agricultural mechanization and improve productivity and livelihoods in rural areas; the second will fund the construction of power transmission lines and substations in Tamga and Karakol in the Issyk-Kul region; and the third will support the Smart Education Project to enhance access to inclusive and quality learning opportunities for all children in Kyrgyzstan.
Dr. Al Jasser affirmed that these projects represent strategic investments in agricultural productivity, energy access, and inclusive education key enablers of sustainable growth in the Republic of Kyrgyzstan.
The IsDB Group has approved $631 million in financing for 89 operations in Kyrgyzstan to support infrastructure development, private sector growth, and international trade. Its insurance arm, the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), provided $48.1 million in business insurance and $0.7 million in new insurance commitments.
The meeting between Dr. Al Jasser and the Kyrgyz delegation also discussed prospects for future cooperation in energy production, water, and sanitation.
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