Viewing results 1 - 6 of 2
The Chairman of the People's Bank of China, Zhang Qingsong, has met with the heads of key ministries in Kyrgyzstan. The parties discussed connecting the National Bank of the Kyrgyz Republic to the Chinese cross-border interbank payment system. Kyrgyzstan's Minister of Finance Almaz Baketaev emphasized the country's interest in using the Chinese payment system and in cooperating with the Bank of China. Currently, only two Kyrgyz commercial banks have correspondent relations with the organization. In addition, the Kyrgyz authorities offered Chinese colleagues the opportunity to invest in securities in Kyrgyzstan, which are placed on the local stock exchange. For this purpose, the country is ready to realize the issue of securities in yuan, but only with guarantees from China. “The Kyrgyz side raised questions about providing guarantees from Chinese financial institutions for the successful placement of securities, as well as the conclusion of an agreement on mutual settlements between the National Bank of the Kyrgyz Republic and the People's Bank of China,” the Ministry of Finance said. According to the National Statistical Committee of Kyrgyzstan, trade turnover between the two countries amounted to about $11 billion for the first six months of 2024, increasing by 40% over last year. At the end of 2023, the figure reached $20 billion.
The Asian Development Bank (ADB) announced on September 19 that it had approved $109.5 million in financing to renovate the highway around Lake Issyk-Kul. The lake is one of the most popular tourist destinations in Kyrgyzstan, and a strategic location that connects to neighboring Central Asian countries. ADB’s Issyk-Kul Ring Road Improvement Project will construct 75.2 kilometers of the road traversing the Barskoon to Karakol section of the Issyk-Kul Ring Road, which connects the Central Asia Regional Economic Cooperation (CAREC) Corridor 1. The project will widen the two-lane roadway to four lanes to meet increasing traffic demand, while incorporating climate-adaptation measures into the road design and construction materials. Rest areas, bus stops, streetlights, and safer access for pedestrians will also be constructed. The ADB funding comprises an $87 million concessional loan and a $22.5 million grant from the Asian Development Fund. ADB Principal Transport Specialist Oyunchimeg Erdene commented: “The Barskoon–Karakol road section [on the southern shore of Lake Issyk-Kul] is the remaining portion of the Issyk-Kul Ring Road for improvement. Completing this will mean eliminating congestion and boosting tourism that will support the growth of businesses in the area.” Kyrgyzstan’s Deputy Minister of Transport, Beknazar Bazaraliev, earlier said that the rehabilitation of the Issyk-Kul Ring Road is to be completed in 2028. The rehabilitation of the 440 km long Issyk-Kul Ring Road was divided into several parts and is financed by the government and international financial organizations.
