Page 916 – The Times Of Central Asia

29 Dec 2023

Kyrgyzstan Life & Culture, Life & Culture, Kyrgyzstan

“Walking the Silk Road” Chinese Cultural Exhibition Held in Bishkek

October 8, 2024
By Times of Central Asia

A recent exhibition in Bishkek, titled “Walking the Silk Road, Allowing Cultures to Integrate,” centered on the Belt and Road Initiative (BRI) and showcased Chinese culture.

Kyrgyz Deputy Prime Minister Edil Baisalov, Charge d’Affaires of the Chinese Embassy in Kyrgyzstan Li Baojie, representatives from educational institutions of both Kyrgyzstan and China, and business delegates attended the event, as reported by Xinhua.

Deputy Prime Minister Baisalov emphasized the transformative impact of the BRI on the region, including Kyrgyzstan, stating, “It has actually had a huge impact on the political and economic situation around the world.” Charge d’Affaires Li highlighted over a decade of fruitful cooperation between Kyrgyzstan and China within the BRI framework.

Li emphasized the importance of cultural interaction and exchange within the initiative, noting that exhibitions like this provide opportunities for the Kyrgyz people to gain a deeper insight into Chinese traditional culture and customs, fostering stronger mutual understanding.

The exhibition, organized by the Kaifeng Management Committee of the Pilot Free Trade Zone of China (Henan) and the Kyrgyzstan-China Friendship Association, showcased stone carving reflecting the Spring and Autumn period, wood carving themed on “New Year’s Pictures,” and intricate paper-cutting artistry.

29 Dec 2023

Turkmenistan Life & Culture, Life & Culture, Turkmenistan, Turkmenistan Features

Turkmenistan and China to Expand Cooperation in Education

March 26, 2025
By Times of Central Asia

On December 28^th, a meeting was held between the Deputy Minister of Foreign Affairs of Turkmenistan, Myahri Byashimova, and the Deputy Minister of Education of China, Sun Yao, who arrived in Ashgabat on a working visit, a Turkmen Government official website stated, stating that the parties noted that today, Turkmen-Chinese relations in terms of a comprehensive strategic partnership are dynamically developing in many directions. It was also stated that relations between Turkmenistan and China in the field of education tend to develop consistently and fruitfully, as evidenced by numerous exchanges of visits by university representatives, joint conferences, seminars, forums and exhibitions.

The parties discussed opportunities to conduct regular short and long-term research and educational programs, courses, and lectures in such areas as medicine, agriculture, ecology, nanotechnology, and political science.

Both sides expressed their confidence that the visit of the Chinese delegation will serve as an effective impetus for strengthening ties between higher educational institutions of Turkmenistan and China.

28 Dec 2023

Kyrgyzstan, Kyrgyzstan Opinions

Kyrgyzstan’s Debt to China: Another lever of Influence?

June 27, 2024
By Times of Central Asia

Stagnation of the world’s economy, decreasing international trade and growing inflation put the spotlight on the issue of returning Kyrgyzstan’s foreign debt, a large part of which is owed to China. The debt is to be repaid sooner or later, but it would make the country sacrifice either its facilities or territory. In both cases, it is a blow on the country’s sovereignty.

Historically, China has been a creditor of countries with high corruption levels, unstable political systems, and nontransparent economies. For instance, Brunei, Namibia, Congo, and Papua New Guinea all have a “hidden” debt to China — more than 10 percent of GDP. Kyrgyzstan’s foreign debt now stands at $5 billion, including $4 billion to China. For comparison, in 2008 Kyrgyzstan’s debt to China was $10 million.

Unlike international financial organizations, such as the IMF and World Bank, China gives loans to Kyrgyzstan on commercial terms that are not disclosed.

The existing debt does not prevent the Kyrgyz government from taking new loans, which leads to increasing debt burden. In Kyrgyzstan, China has financed mainly infrastructure projects, showing more interest in the water and energy sector — one of the main economic and strategic resources of the country. It is not surprising, as in today’s world access to water resources gives additional levers of influence.

A potential project in this sector is construction of the bypass Chui canal-2 and Buruldai reservoir with a total cost of about $140 million. The project’s economic feasibility, its possible environmental impact and other aspects require a comprehensive analysis. Anyway, the project’s implementation would increase the country’s debt burden and give China yet another lever of influence on Kyrgyzstan.

Such projects are not just a matter of money, debts and commitments but also social stability, given the history of relationships between local Kyrgyz population and Chinese investors (for instance, a mass brawl with stoning at Soltan-Sary deposit).

A good example of Beijing using its “soft power” is neighboring Tajikistan, 40 percent of whose $3.2 billion foreign debt belongs to China. Beijing also grants payment deferments on its loans. In exchange, Tajikistan has given thanks to China by ceding 1.1 thousand square kilometers (0.77 percent of its territory) to China in a 2011 border demarcation, supporting China at UN votes, and allowing Chinese companies develop nearly 80 percent of Tajik gold deposits.

With the above in mind, Kyrgyzstan has to think twice before taking new Chinese loans.

28 Dec 2023

Central Asia, Kyrgyzstan Life & Culture, Life & Culture, Kyrgyzstan, Business & Economy, Kyrgyzstan Business & Economy

ADB and Kompanion Bank to Boost Financing of Women-Led and Small Businesses in Kyrgyzstan

June 27, 2024
By Times of Central Asia

As reported in a news release on its website, on December 28th the Asian Development Bank (ADB) and Kompanion Bank Closed Joint Stock Company on December 28^th signed off a loan of up to $5 million in local currency financing to boost micro, small, and medium-sized enterprises (MSMEs) in Kyrgyzstan, especially those owned or led by women.

Established in 2004, Kompanion Bank is one of the large commercial banks in the Kyrgyz Republic and dominates the MSME market through its wide network with 93 branches across the country. More than half of Kompanion’s portfolio is with micro and small enterprises.

“Women account for about a third of entrepreneurs in the Kyrgyz Republic, but they nevertheless face significant challenges in accessing financial services and credit,” said ADB Director General for Private Sector Operations, Suzanne Gaboury. “This partnership with Kompanion Bank will help bridge the financing gap for women-led small businesses, as well as provide a strong case for the sustainability of local currency lending to these companies.”

To strengthen development impact and address finance and bankability constraints, transactions incorporate a credit guarantee from the Asian Development Fund’s (ADF) Private Sector Window facility (PSW) of up to $2.3 million. ADB will also provide technical assistance to Kompanion Bank to enhance its digital capabilities and operational efficiency.

“We are happy to be a partner with ADB in this initiative to support micro and small entrepreneurs in the Kyrgyz Republic. We believe that our experience in the MSME market will allow us to make a significant impact on the local economy, and we look forward to working closely with ADB for the benefit of our clients and the community,” said Kompanion Bank CEO, Margarita Cherikbaeva.

ADB will also help Kompanion Bank to develop a gender action plan to promote gender equality and women’s empowerment in its business activities. Key activities will include increasing the number of women borrowers and delivering training on improved agricultural practices and digital and financial literacy for female clients.

28 Dec 2023

Kazakhstan, Business & Economy, Kazakhstan Business & Economy

Kazakhstan and CNPC to Expand Cooperation

June 27, 2024
By Times of Central Asia

The partnership between Kazakhstan and the China National Petroleum Corporation (CNPC) is set to broaden, with plans to implement joint projects in the oil and gas industry. This information was shared during a meeting held via videoconference on December 28th between Kazakhstan’s First Deputy Prime Minister, Roman Sklyar, and CNPC President, Hou Qijun.

Sklyar highlighted the CNPC as a long-standing strategic and investment partner of Kazakhstan. In response, Qijun expressed the corporation’s commitment to expanding its cooperation with Kazakhstan, driven by the agreements made by the leaders of both countries.

As part of this renewed alliance, the Kazakh Government is actively working on specific projects within the Framework Agreement on expanding strategic cooperation in the energy sector. This agreement was signed during the state visit of the President of Kazakhstan, Kassym-Jomart Tokayev, to China earlier this year.

Current projects under discussion include expanding the production capacity of the Shymkent Refinery in south Kazakhstan, constructing the second line of the Beineu-Bozoy-Shymkent gas pipeline, and conducting joint geological exploration in Kazakhstan.

28 Dec 2023

Uzbekistan Environment, Environment, Uzbekistan, Uzbekistan Business & Economy, Features, Uzbekistan Life & Culture

Uzbekistan to Cover Growing Demand with Green Energy Sources

June 27, 2024
By Times of Central Asia

Uzbekistan has set a goal of doubling its industrial production by 2030 and plans to implement more than 500 major industrial and infrastructure projects worth $150 billion. To accomplish these ambitious goals, the country needs to have guaranteed and stable energy resources, President Shavkat Mirziyoyev said on December 27^th, at the launch ceremony of major projects in the field of green energy.

“We estimate that in the next six years, our country’s electricity demand will increase from the current 83 billion to 120 billion kilowatt hours. We will cover this primarily through renewable energy sources,” Mirziyoyev said.

Uzbekistan will continue its active investment policy to increase the capacity of green energy sources to 27 gigawatts by 2030, he said, adding that the country possesses enormous potential for green energy.

“In order to encourage the industry, we have launched the ‘Solar House’ system to provide preferential loans and subsidies for the installation of solar panels and ensure the guaranteed purchase of generated electricity. This year alone, 50,000 households and entrepreneurs have installed solar panels in our country,” Mirziyoyev said.

Currently, Uzbekistan is implementing projects for the construction of 22 solar and wind power stations with a total capacity of 9 gigawatts, and the government will create all the necessary conditions and preferences for foreign investors to implement such priority projects, Mirziyoyev concluded.