• KGS/USD = 0.01138 -0.87%
  • KZT/USD = 0.00218 0%
  • TJS/USD = 0.09312 0.54%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01138 -0.87%
  • KZT/USD = 0.00218 0%
  • TJS/USD = 0.09312 0.54%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01138 -0.87%
  • KZT/USD = 0.00218 0%
  • TJS/USD = 0.09312 0.54%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01138 -0.87%
  • KZT/USD = 0.00218 0%
  • TJS/USD = 0.09312 0.54%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01138 -0.87%
  • KZT/USD = 0.00218 0%
  • TJS/USD = 0.09312 0.54%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01138 -0.87%
  • KZT/USD = 0.00218 0%
  • TJS/USD = 0.09312 0.54%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01138 -0.87%
  • KZT/USD = 0.00218 0%
  • TJS/USD = 0.09312 0.54%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01138 -0.87%
  • KZT/USD = 0.00218 0%
  • TJS/USD = 0.09312 0.54%
  • UZS/USD = 0.00008 0%

Viewing results 1 - 6 of 97

Eurasian Connectivity Comes One Step Closer at the 2024 CAMCA Forum in Bishkek

The wider Eurasia region took another step towards cooperation and connectivity last week, as the 10th annual CAMCA Regional Forum was held in Bishkek. CAMCA – standing for Central Asia, Mongolia, the Caucasus and Afghanistan – is an initiative to accelerate dialogue between governments, private enterprises and media figures from these ten nations. Organized by the Washington, D.C.-based Central Asia-Caucasus Institute and the Rumsfeld Foundation, this year’s Forum – the first such event to take place in Kyrgyzstan – featured over 300 delegates across its two days, and presented insights from over 70 speakers. Attendees came from 25 countries in total. Professor Frederick Starr, the Central Asia-Caucasus Institute’s chairman, used his opening address to call on the countries of the region to start preparing for a future within a cohesive international bloc. Dr Starr reasoned that Russia and China, imperial powers that have traditionally had a controlling presence in Central Asia, may see their global influence wane in the coming decade. This would give the countries of Central Asia, and their neighbors, more space to create projects that serve their economies directly. A leading CAMCA regional project is the ‘Middle Corridor’ trade route, which bypasses Russia to transport goods more efficiently between Europe and China. Discussions are also taking place concerning the creation of single business and tourist visas for the whole Central Asia region. The importance of collaboration between countries in the Caucasus and Central Asia to mitigate the impact of climate change has never been so great. Addresses by senior members of the Kyrgyz government highlighted the progress that Kyrgyzstan has made since the administration of president Sadyr Japarov began its work in 2021. The country’s deputy prime minister Edil Baisalov reported that Kyrgyzstan is on track to double its GDP to $30 billion by 2030, while the minister for digital development, Nuria Kutnaeva, spoke about the rapid digitalization of the country’s government services.  In a noticeably warm and collaborative atmosphere, the event nonetheless highlighted the barriers that prevent the ten countries from forming a tangible ‘CAMCA’ space in the present. A key goal is the harmonization of their legislation and policy directions; however, no delegates from Tajikistan could travel to Bishkek for the Forum, as otherwise solid relations between Tajikistan and Kyrgyzstan are still strained by a dispute over their common border. Likewise, Armenian voices were also absent this time, in light of several of the sessions featuring Azerbaijani speakers and talking points. The event featured only one guest from Turkmenistan.  Even in these conflicts, however, Central Asian diplomacy is at work. The conflict on the Kyrgyz-Tajik border, mainly in Tajikistan’s Vorukh district, is being resolved through negotiations between the two countries’ governments, which would have been unthinkable even five years ago. Meanwhile, Kazakhstan is acting as a mediator between Baku and Yerevan in the aftermath of the war in Nagorno-Karabakh. Other topics on the agenda included security priorities for Central Asia, digital innovation in business, cooperation with Afghanistan, transitions in global energy markets, and infrastructure projects...

Kyrgyz Banks Restrict Money Transfers to Russia

Several commercial banks in Kyrgyzstan have suspended work with Russian money transfer systems after the expansion of U.S. sanctions. Most cite as the reasons behind this decision both technical problems and exchange rate volatility. The RSK Bank, which occupies one of the leading positions in Kyrgyz financial market, announced that, “Due to technical works, the following money transfer systems (sending and receiving) are not working at the moment: Astrasend, Unistream, Contact, Zolotaya Korona, Sberbank-Online." The temporary suspension of services to send and receive transfers in rubles  through the applications ‘Kompanion ’ and  ‘Unistream,’ was also reported by Kompanion Bank. Mbank, among the most popular in the Kyrgyz market,  joined suit, stating that, "Due to the exchange rate volatility and possible sharp fluctuations of the currency market, a temporary restriction on ruble accounts and cards has been introduced (replenishment, transfers, conversions). " Via its website, the bank confirmed its full protection of clients'  ruble accounts. Five more Kyrgyz banks have now announced the introduction of restrictions on operations concerning dollar accounts and ruble/dollar conversion. As reported by TCA on June 13, new U.S. sanctions were imposed on the Moscow Exchange, the Russian National Clearing Center (NCC), and the National Settlement Depository (NSD).

Kyrgyzstan Pays Russia $64 million for Stake in the Eurasian Development Bank

Kyrgyzstan has paid $64.7 million to Russia for a stake in the Eurasian Development Bank (EDB), according to Akchabar.  Kyrgyzstan currently owns 4.23% of shares in the EDB. The country's share increased from 0.01% in 2023 after the redistribution of part of Russia's stake, which amounted to 321,151 shares in the bank's paid-up authorized capital. A decision to reallocate the shares was made by the EDB's Board of Directors on December 30, 2022. Following the distribution of securities in 2023,  Kyrgyzstan's share in monetary terms, increased from $700 thousand to $64.7 million. In its report on the transaction, EDB stated: "On May 19, 2023, an agreement was made between the Government of Russia and the Cabinet of Ministers of Kyrgyzstan on the sale and purchase of part of Russia's share in the paid-in authorized capital of EDB.  Signed on March 21, 2023, it came into force and Russia's share of $64 million was transferred to Kyrgyzstan. EDB does not participate in settlements between Russia and Kyrgyzstan on the transferred share in the bank's capital." It is important to note that today, Kyrgyzstan's share in the authorized capital of the EDB is almost entirely paid up. The republic has only $600 thousand in liabilities, payable in case of a bank claim. A similar situation has also been observed in Armenia. Tajikistan has paid 97% ($64.5 million) of its authorized capital to EDB, Belarus—just over 59%, and Russia and Kazakhstan, the largest shareholders of the international institution, about 16% ($678.8 million) and 24% ($565.2 million), respectively. At the end of 2023, the authorized capital of the Eurasian Development Bank amounted to seven million common shares with a par value of $1 thousand each. Each paid-up share carries a right to vote.

U.S. Program Improves Lives of Over 300,000 Kyrgyz Citizens

On June 12, Bishkek hosted a conference themed  “Active Communities – Foundation for Development”  to review the success of the five-year Jigerduu Jarandar project. The event was attended by Member of the Jogorku Kenesh (Kyrgyz parliament) Elvira Surabaldieva, Kyrgyz Minister of Justice Ayaz Baetov, Deputy Minister of Labor, Social Development, and Migration Chyngyzbek Mamat uulu, USAID/Kyrgyz Republic Acting Mission Director James Lykos, and representatives of civil society organizations and local self-governments. As reported by the U.S. Embassy in Kyrgyzstan, since 2019, the U.S. government’s Jigerduu Jarandar project – through the U.S. Agency for International Development (USAID) – has positively impacted communities across 19 municipalities in Kyrgyzstan. Committed to fostering active citizenship, the project has benefited over 62,000 residents through the creation of parks, safer sidewalks, improved street lighting, and inclusive playgrounds. The project has also provided free legal aid to 38,000 individuals, supported some 11,000 survivors of gender-based violence, and improved solid waste management systems to the benefit of over 200,000 residents. In praise of the initiative, James Lykos, Acting Mission Director of USAID/Kyrgyz Republic, commented: “The United States is proud to have supported the Kyrgyz government and local communities through the USAID Jigerduu Jarandar project. It has been a joint effort to help citizens make their communities a better and safer place, and better understand and claim their rights.” Minister of Justice Baetov expressed gratitude to the USAID Jigerduu Jarandar project for promoting initiatives in the field of legal assistance and notary services for citizens of Kyrgyzstan.    

New U.S. Peace Corps Volunteers Arrive in Kyrgyzstan

On 11 June, the U.S. Embassy in Bishkek announced the arrival of 22 U.S. Peace Corps Volunteer Trainees in Kyrgyzstan to support English language education in secondary schools in the country’s Chui, Naryn, Issyk-Kul, Talas, Osh, and Jalal-Abad regions. Invited by the Kyrgyz Republic’s Ministry of Education and Science, the trainees are the 30th Peace Corps cohort to serve in Kyrgyzstan since the launch of the initiative in 1993. The new group brings the number of Peace Corps Volunteers and Trainees in the country to 53. Prior to starting work, the trainees must embark on an eleven-week course to familiarize themselves with Kyrgyzstan’s educational system, Kyrgyz language and culture, Teaching English as a Foreign Language (TEFL), and providing lessons with local teachers. On completion of the course in August, the participants will be sworn in as Peace Corps Volunteers and begin their two years’ service enhancing the teaching of English alongside local teachers across the country.  

Kyrgyzstan Seeks Investment in Energy

On June 10, The Kyrgyz Republic International Energy Investment Forum, organized by the Cabinet of Ministers of the Kyrgyz Republic with support from the World Bank Group and the Government of Austria, opened in Vienna. In his address to representatives of international financial organizations, delegations from Central Asian, European, and Middle East countries, and private investors, Chairman of the Cabinet of Ministers of the Kyrgyz Republic Akylbek Japarov emphasized the importance of discussions on the construction of Kambarata HPP-1 not only for Kyrgyzstan but also for the entire Central Asian region. Japarov then presented a paper on “Economic prospects and investment climate in the Kyrgyz Republic,” in which he stated, “In recent years, the economic growth of Kyrgyzstan has broken all records and demonstrated exceptionally sustainable development. The average GDP growth rate was 7%. And in the first quarter of 2024, the rate of economic growth accelerated to 8.8%.” Referencing the country’s “period of revival” in its energy sector, he continued, “Tariffs are being reviewed and better conditions provided in the form of benefits and preferences for investors. The implementation of more than 50 renewable energy projects has begun throughout the country. The state, on its own, has built and recently launched the Bala-Saruu hydroelectric power plant, which will provide electricity to the [country’s north-western] Talas region.” The head of the Cabinet of Ministers called on all international organizations to collaborate in implementing projects in the Kyrgyz energy sector especially the large-scale construction of Kambarata HPP-1 and stressed, “I am deeply convinced that through joint efforts the largest hydroelectric power plant in the region will be built and new horizons for green energy will open in the Central Asian region.” Japarov also touched upon Kyrgyzstan's tourist potential and with regard to winter sports, announced: “We are starting the construction of a Kyrgyz Courchevel. The French company S3V, one of the first operators of the world- famous resort of Courchevel, is implementing the Three Peaks ski cluster in Kyrgyzstan with plans for around 200 km of ski slopes. The resort will operate all year round and able to receive up to 850 thousand tourists annually, will become the largest in Central Asia. In addition, we are launching the construction of a resort near Bishkek with a 20-kilometer funicular, which will operate both winter and summer. In winter, it will provide a unique opportunity to ski within a 20-minute drive from the capital, Bishkek. All technical structures will be built by the Austrian company Doppel Maier.”    

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