TCA
TASHKENT (TCA) — The United States for the first time named Gulnara Karimova, the elder daughter of the late president of Uzbekistan, in a major international bribery scheme, charging her with conspiracy to violate U.S. foreign corruption laws, RFE/RL reports.
TCA
TASHKENT (TCA) — Mobile TeleSystems (MTS), Russia’s largest cell provider, will pay $850 million to settle a bribery and corruption case tied to the daughter of Uzbekistan’s late president. The payment is part of settlements reached with the U.S. Justice Department and the Securities and Exchange Commission. The company’s shares are traded on the New York Stock Exchange, which is why U.S. agencies have oversight of it, RFE/RL reported.
TCA
ASTANA (TCA) — The Asian Development Bank (ADB) has signed a $11.5 million loan in tenge equivalent with Baikonyr Solar Limited Liability Partnership (Baikonyr Solar LLP) to support the development of solar power in Kazakhstan and further enhance the country’s energy security through increased renewable sources, the Bank said.
The loan agreement for the Baikonyr Solar Power Project is the first time that long-term local currency financing has been provided by ADB for a solar project in Central Asia. It also marks ADB’s first foray in solar energy financing in the subregion, and its first cofinancing with the European Bank for Reconstruction and Development in Kazakhstan’s renewable energy sector.
“Kazakhstan’s energy sector has mostly relied on coal with almost 80% of the country’s electricity generated from coal-fired power plants, which are mostly outdated and obsolete,” said ADB Senior Investment Specialist for Private Sector Operations Mr. Mohammed Azim Hashimi. “ADB’s loan to Baikonyr will help Kazakhstan achieve its goal of increasing the share of renewable energy in the country to 50% by 2050, while reducing its carbon emissions.”
The project comprises the design, construction, commissioning, operation, and maintenance of a 50-megawatt solar power plant, along with the necessary infrastructure for grid integration. The solar plant—which is expected to generate 73 gigawatt-hours of electricity per year and will include approximately 150,822 photovoltaic panels, 14 central invertor stations, and a substation—will be located in southern Kazakhstan over 150 hectares of land.
Baikonyr Solar LLP is a special purpose vehicle incorporated in Kazakhstan and is owned by UG Energy Limited and Baiterek Venture Fund Joint Stock Company (BVF), which is a subsidiary of Kazakh sovereign wealth fund Baiterek JSC. United Kingdom-based UG Energy Limited has been pioneering the development of industrial scale solar plants in Kazakhstan.
“Building on the highly successful track record of our existing solar plants in Kazakhstan, we are particularly happy to have with the ADB and BVF two new strategic partners on board for our landmark Baikonyr project,” said UG Energy Director Mr. Albrecht Frischenschlager.
By cutting carbon emissions, the project will help the country fulfill its nationally determined contribution to the Paris climate agreement of a 15% decrease in carbon emissions below 1990 levels by 2030. ADB’s assistance further helps private sector engagement in the energy sector, while the construction and operation of the solar plant is expected to generate employment for the local population.
TCA
ASTANA (TCA) — The investment potential of Kazakhstan and the competitive advantages of doing business in the country were discussed during the “Invest in Kazakhstan” business forum in Warsaw on March 5, Kazakh Invest national investment support and promotion agency reported.
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TASHKENT (TCA) — A delegation of the International Monetary Fund (IMF), led by Albert Jaeger, visited Uzbekistan to study the ongoing reforms and transformations in the economy.
TCA
ASHGABAT (TCA) — The Foreign Affairs Ministry of Turkmenistan, supported by the OSCE Centre in Ashgabat, on March 6 hosted in Ashgabat a meeting of the technical working groups on the Regional infrastructures Confidence Building Measures (RI-CBM) within the framework of the Istanbul Process on Afghanistan. During the meeting, representatives of the participating countries of the Istanbul Process and international stakeholders presented reports on the implementation of the Regional infrastructures CBM plan.
