Kyrgyzstan Business & Economy - The Times Of Central Asia

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UNDP Supports the Development of Adventure Tourism in Kyrgyzstan

As per a press release on its website, the United Nations Development Program (UNDP) in Kyrgyzstan, in collaboration with the Fair and Sustainable Development Solutions (FSDS) Foundation, said it is launching activities to strengthen the value-added chain (VAC) of adventure tourism. The project, Aid for Trade in Central Asia, aims to develop adventure tourism in target regions of Kyrgyzstan, creating new jobs, increasing the competitiveness of the sector, and strengthening its export potential. Tourism plays an important role in expanding economic opportunities and contributes to infrastructure development, which has a positive impact on other sectors of the economy. There are also opportunities to make the sector green and sustainable, the project stated. Kyrgyzstan needs to be positioned as a new tourism destination, as the country has a wide range of tourism resources. However, this will require coordinated efforts. “We support the promotion of adventure tourism, which is one of the fastest growing sectors and has a great potential for developing the local economy”, said Aid for Trade project coordinator, Aisulu Mambetkazieva. “Moreover, adventure tourism will allow as many people as possible to learn about the beautiful culture and nature of Kyrgyzstan. We hope that the project can become a driver for the development of adventure tourism in Kyrgyzstan and create new opportunities for sector participants”. The activities on strengthening the VAC of adventure tourism will be carried out in Issyk-Kul, Jalal-Abad, and Osh provinces. The project includes several key tasks on which the UNDP has already begun work: Increasing the potential of VAC participants and introducing joint adventure tourism products. New tourism products will be developed and promoted through various trading platforms; Increasing access to innovative and environmentally sustainable technologies that contribute to sustainable development; Creation of favorable conditions for the development of safe adventure tourism at a local level. The UNDP in Kyrgyzstan pays great attention to supporting women's entrepreneurship and the business initiatives of people with disabilities. In this regard, it is expected that appropriate measures will be taken to create examples of tourism entrepreneurship among women and people with disabilities for further replication and scaling.

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Foreign Investors Look to Build Power Plants in the Kyrgyz Republic with a Capacity of 3.6 Gigawatts

Energy companies from France and the UAE plan to invest in hydropower and renewable energy projects with a total capacity of 3.6 gigawatts in Kyrgyzstan. The capacity of the Toktogul hydroelectric station is already more than 1.2 gigawatts. The President of the Kyrgyz Republic expressed confidence that the practical implementation of the agreements will soon begin. As part of the World Climate Summit in Dubai, the Ministry of Energy of the Kyrgyz Republic, the French company EDF, and the UAE state company, Masdar signed a memorandum in the energy sector. The foreign partners assured that summit they are ready to cooperate with the Kyrgyz Republic and implement the projects provided for in the memorandum. In his speech, Energy Minister, Taalaibek Ibraev focused on the potential of Kyrgyzstan in the field of electricity generation and further cooperation with investors. The signing ceremony took place in the presence of President Sadyr Japarov, after which further negotiations took place with representatives of both companies. Japarov emphasized that the Kyrgyz side will provide everything necessary to ensure high-quality implementation of the terms of the memorandum, the presidential press service reported. Japarov also called on participants at the meeting to pay special attention to the hydropower potential of the Kyrgyz Republic, which today no more than 13% of has been utilized. He emphasized that the country has taken a firm course towards the development of a “green” economy. Masdar representatives noted the importance of the solar power plant construction project being implemented in the Issyk-Kul region, and stated that they would use their experience “to support Kyrgyzstan’s clean energy goals”.

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Kyrgyzstan: EU Holds Training Workshops on Sanctions Against Russia

As reported by the press and information team of the Delegation of the European Union to the Kyrgyz Republic, on November 9th and 10th, the European Union organized training workshops in Bishkek, Kyrgyzstan on EU sanctions against Russia, with support from the International Science and Technology Center (ISTC), and the Association of Certified Sanctions Specialists (ACSS). The primary aim of the workshops was to raise awareness of EU sanctions and their application, and to prevent possible circumvention of these measures. On the 9th, the meeting saw government officials gather, whilst the second day was dedicated to a workshop which targeted private operators in Kyrgyzstan interested in improving their awareness of EU sanctions. “I am delighted that so many people from the Kyrgyz authorities and the private sector chose to attend the EU Sanctions Training Seminar this week”, said the acting Head of the EU Delegation to Kyrgyzstan, Ms Lene Volkersen. “It has been great to witness the strong Kyrgyz interest in understanding how EU sanctions work. The ultimate goal of the EU’s sanctions against Russia is to undermine its ability to continue waging war against Ukraine, and we welcome that Kyrgyzstan is not willing to be used as a platform for sanctions circumvention. We look forward to continuing this dialogue with government authorities, as well as private sector”. The training workshops were conducted by a team of EU representatives and sanctions experts, and consisted of presentations and interactive question and answer sessions.

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World Bank Announces New Country Partnership Framework for Kyrgyzstan

In a press release on its website, on October 31st the World Bank announced a new five-year Country Partnership Framework (CPF) for the Kyrgyz Republic that defines the strategic focus of the World Bank’s engagement with the country around job creation, natural resource management, and improving human capital outcomes. The CPF lays out a selective and flexible program for World Bank assistance. “The World Bank has been a trusted partner of the Kyrgyz Republic for the last 30 years”, said Kyrgyz Republic’s Minister of Finance, Almaz Baketaev. “The new Country Partnership Framework responds to the Kyrgyz Republic’s National Development Strategy to 2040 and the National Development Program for 2022-2026. The new partnership strategy will reinforce the efforts of the Cabinet of Ministers to modernize the economy, promote inclusive growth, and build a more prosperous future for all”. “The World Bank is proud to support the Kyrgyz Republic’s ambitious and well-articulated reform agenda”, said Tatiana Proskuryakova, the World Bank’s Regional Director for Central Asia. “Under our new Country Partnership Framework, we will support the country’s economic transformation with policy advice, technical assistance, and planned project financing of around $500 million. New investments will focus on the key priority sectors of energy, water, and agriculture to create a better and more sustainable future for the citizens of the Kyrgyz Republic”. The new CPF is centered around three core pillars aimed at delivering tangible development outcomes: increasing private sector-led job creation; improving access to sustainably managed natural resources, and enhancing human capital and economic empowerment of vulnerable population groups. The CPF also includes a strong focus on key global challenges including strengthening climate resilience and reducing emissions; closing the gender gap; supporting jobs and economic transformation; strengthening institutions; and reducing fragility risk. The World Bank’s Board of Executive Directors also approved $5 million for the technical assistance of Kambarata-1 Hydropower Plant Project. This assistance aims to support the Cabinet of Ministers of the Kyrgyz Republic in updating the Feasibility Study of the Kambarata-1 Hydropower Plant (HPP) Project, enhancing its environmental and social sustainability, and strengthening its financial and commercial frameworks. Kambarata-1 HPP is expected to be among the most cost-effective projects for expanding clean energy resources across the Kyrgyz Republic and Central Asia. It has the potential to address the country’s energy security challenges, generating significant revenues from energy exports whilst also improving downstream HPP operations and water management. “The Kambarata-1 HPP is a critically important project that has the potential to bring huge benefits in clean energy generation, regional cooperation, water security, and environmental safeguards across Central Asia”, said World Bank Regional Director for Central Asia, Tatiana Proskuryakova. “The World Bank’s technical assistance will help the Cabinet of Ministers of the Kyrgyz Republic use the country’s abundant hydropower potential for the benefit of the people and region, while strengthening the governance and financial sustainability of the energy sector”. “Kambarata-1 is a transformative greenfield regional hydropower project that will power the clean energy future of the Kyrgyz Republic and Central Asia”, added World Bank Country Manager for the Kyrgyz Republic, Naveed Hassan Naqvi. “This...

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Promoting Sustainable Development in Central Asia: Key Highlights from the Eurasian Development Bank’s Roundtable

According to a press release issued by the Eurasian Development Bank (EDB), on November 16th, 2023, Almaty, Kazakhstan, served as the venue for a critical roundtable hosted by the EDB, titled "Promoting Sustainable Development in Central Asia". This gathering saw the participation of representatives from a wide range of international organizations and multilateral development banks. Attendees included the likes of the World Bank, the Asian Development Bank, the Asian Infrastructure Investment Bank, the Islamic Development Bank, FAO, UNIDO, UNEP, ESCAP, UNDP, the World Health Organisation, the International Fund for Saving the Aral Sea, and CICA. The agenda was packed with discussions revolving around irrigation, water challenges, environmental and social standards of international financial institutions, and case studies that showcased collaborations in project implementation12. The EDB's latest report, "Efficient Irrigation and Water Conservation in Central Asia", was introduced during the roundtable's first session. Nikolai Podguzov, Chairman of the EDB Management Board, underscored the essential interrelationship between water, food, and energy in Central Asia. He declared the development of the region’s water and energy resources as a strategic priority for the EDB. He also expressed concerns over an impending water deficit in Central Asia within the next five years, urging for collective action supported by multilateral development banks3. Tatiana Proskuryakova, the Regional Director for Central Asia at the World Bank, also spoke at the event. She emphasized the importance of sustainable development in Central Asia to international organizations and multilateral financial institutions. She revealed that the World Bank has allocated approximately a quarter of its $12 billion investment portfolio in Central Asia to water, energy, and environmental sectors. This proportion is expected to rise to almost half in the near future4. Following this, Evgeny Vinokurov, EDB Chief Economist, presented the study "Efficient Irrigation and Water Conservation in Central Asia". He proposed a ten-step solution to address the prevalent issues. The steps include establishing an International Water and Energy Consortium; fostering collaboration among multilateral banks; creating a regional cluster to produce irrigation equipment; consolidating efforts to strengthen cooperation with Afghanistan; using PPP instruments; instituting proper water accounting; gradually integrating investment charges into the tariff structure; improving land conditions; implementing digital technology, and leveraging state-of-the-art irrigation technology and laser levelling.