Investment Projects - The Times Of Central Asia

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Interview: European Investment Bank Vice-President Kyriacos Kakouris on Projects in Kyrgyzstan

Central Asia is rapidly developing its economy, with several international financial institutions successfully operating here. Among them is the European Investment Bank. Vice-President Kyriacos Kakouris spoke with The Times of Central Asia about its activity in Kyrgyzstan. TCA: Could you briefly introduce the European Investment Bank (EIB) and its main objectives in Kyrgyzstan? KK: The EIB is more than a bank, it is part of the EIB Group, one of the largest multilateral financial institutions in the world with a unique position allowing it to mobilize large-scale financing. The European Investment Bank, as the long-term financing institution of the European Union, is closely aligned with EU priorities, such as the EU-Central Asia strategy and the EU Global Gateway strategy, and is ready to play a more significant role in helping Kyrgyzstan respond more effectively to current and future challenges. The Bank has already been involved in economic development, transport, and climate action operations. We are interested in supporting the development of a competitive and environmentally friendly private sector that can incorporate modern and green technologies into various sectors. TCA: What are the EIB's priorities for supporting economic growth and sustainability in Kyrgyzstan? KK: EIB Global launched its activity in Kyrgyzstan in 2014 and up to now, has signed three separate operations worth a total of €112 million. We have established a very positive relationship with the Embassy of Kyrgyzstan in Brussels, which is essential for our dialogue with the Kyrgyz authorities. All operations involve co-financing either with other international financial institutions like the World Bank and the European Bank for Reconstruction and Development (EBRD) or development institutions such as KfW. So far, the Bank has approved lending operations for three projects on power transmission, water and waste management, and the agri-food sector, in line with the priorities defined in the EU-Central Asia and the EU Global Gateway strategies. The main aims of these projects are to protect the environment and take action against climate change. We will soon sign a €9 million top-up for the completion of the Kyrgyz section of the high-voltage transmission line known as CASA-1000. This project is part of a larger regional electricity scheme called Central Asia - South Asia Electricity Transmission and Trade initiative, covering Kyrgyzstan, Tajikistan, and Pakistan. This project is essential for developing trade in sustainable renewable electricity between the countries, using energy generated from renewable hydropower sources in the region. This will alleviate power shortages and increase export revenue in Kyrgyzstan and Tajikistan. TCA: How does the EIB's role differ from that of other development banks or financial institutions? KK: The EIB is the EU bank, and its shareholders are the 27 EU Member States. EIB Global is focused on EU policy priorities such as the EU strategy on Central Asia and the EU Global Gateway, supporting the green transition, boosting technological innovation, bolstering security and defense, and supporting regional cohesion and the development of social infrastructure. Our commitment to international development and capital market integration secures Europe’s strong global presence. Our...

Foreign Investment Bilateral Cooperation Funding green projects International investment Saudi Arabia Investment Projects

Uzbekistan and Saudi Arabia Strengthen Ties: $2.5 Billion Investment Expected by Year-End

On November 11, Uzbekistan's President Shavkat Mirziyoyev met Saudi Arabia's Minister of Investments, Khalid al-Falih, during the extraordinary Arab-Islamic Summit currently being held in Riyadh. Cooperation between Uzbekistan and Saudi Arabia has rapidly developed in recent years. The volume of mutual trade, the scope of cooperation, and also the number of flights between the countries are increasing. By the end of this year, Saudi Arabian companies are expected to attract about $2.5 billion worth of investments in areas such as “green” energy, healthcare, transport infrastructure modernization, heat and water supply, agriculture, housing, and communal economy. Mirziyoyev also met with Muhammad bin Salman Al Saud, the Crown Prince and Prime Minister of the Kingdom of Saudi Arabia. Mirziyoyev noted that effective cooperation has been established with the leading company “ACWA Power,” which is modernizing Uzbekistan's energy sector through direct investments and advanced technologies. Emphasis was placed on developing wind and solar power plants across various regions of Uzbekistan and accelerating projects to produce “green” hydrogen. Additionally, an agreement was reached to engage Saudi Arabian companies and consultants to localize production and improve energy efficiency in Uzbek enterprises.

China Foreign Investment production Investment Projects economic

First-Ever Tungsten Production Launched in Kazakhstan

On November 1, Kazakhstan’s first tungsten processing plant was opened in the Almaty region. According to the Kazakh Ministry of Industry and Construction, this will strengthen the country's position in the global rare earth metals market. The $300 million project will create up to 1,000 local jobs and, when fully operational, will process 3.3 million tons of ore annually, producing 65% tungsten concentrate. Jiaxin International Resources Investment Ltd. is implementing the project, which was joined by Jiangxi Copper Corporation, China Railway Construction Company, China Civil Engineering Construction Company, and Ever Trillion International Singapore PTE LTD. Further plans include constructing a $150 million deep processing facility to increase tungsten content to 88.5% and produce high-purity tungsten carbide. Tungsten has the highest melting point of all metals and is alloyed with other metals to strengthen them. Tungsten and its alloys are used in many high-temperature applications, such as arc-welding electrodes and heating elements in high-temperature furnaces. Tungsten carbide is tough and important to the metal-working, mining, and petroleum industries. Speaking at the 36th meeting of the Foreign Investors’ Council in Astana on October 31, Kazakhstan President Kassym-Jomart Tokayev emphasized that Kazakhstan has a unique mineral resource base and has attracted more than $1 billion of private investment in geological exploration over the past six years.

Government Investment Projects Infrastructure Development Investment Construction

Chinese Investors to Build New Industrial Plants and Residential Compound in Kyrgyzstan’s Naryn

On October 25, Chinese investors launched the construction of four extensive production facilities in Kyrgyzstan's Naryn region: a car assembly plant, an LED lamp manufacturing plant, a toilet paper and napkin plant, and an agricultural drone manufacturing plant. At a capsule-laying ceremony, Akylbek Japarov, Chairman of the Cabinet of Ministers of Kyrgyzstan, emphasized that this event proves that Kyrgyzstan has reached “a new, higher level of relations” with its neighbor. Chinese partners will invest $130 million in the Naryn-Shumkar car assembly plant, which will manufacture more than 20,000 cars annually and create 1,000 jobs. $10 million will be invested in the LED lamp plant, which will produce 30 million lamps per year and create about 200 jobs. Another $10 million will be invested in the toilet paper and napkin plant, which will produce 6,000 tons of paper annually and create more than 100 jobs. On the same day, Japarov attended a ceremony to begin the construction of a new residential compound, Tien Shan City, in the town of Naryn. The residential compound will consist of six 10-storey apartment blocks. The developer, a construction company from the Chinese city of Kashgar, plans to complete high-quality modern housing construction within a year. The company will also build an administration house for all government services for the local population.

Business Ethics Investment Projects Corruption

Kyrgyz President Applauds Son’s Golf Project Despite Questions

Kyrgyzstan is building the biggest golf course in Central Asia, President Sadyr Japarov says. The man building the golf course? Japarov’s son, Rustam. Japarov has often said that his friends and family won’t get involved in politics and government, though some media reports and critics say that he hasn’t kept his word in a country where corruption has been a longstanding concern. In an interview this week with the state-run Kabar news agency, the president stuck to his position that family members won’t get mixed up in state affairs. “I always tell them not to do business with the state. We must learn from the past,” said Japarov, who has previously said that critical media coverage of his government amounted to slander and trafficking in rumors. “Rustam is busy attracting investors. He is building a golf course in Issyk-Kul. God willing, we plan to open it next year,” said Japarov, who didn’t offer details about the project other than that “it will be the largest golf course in Central Asia.” The president also praised his son for a project that he started last year to build a football field with lighting in every village in the country. The area around Lake Issyk-Kul, where the golf course is being built, is one of Kyrgyzstan’s main tourist sites. Its attractions include beaches, hiking and ancient petroglyphs showing deer, leopards and hunting scenes. There are restaurants, wellness centers and conference facilities catering to international delegations. Telegram founder Pavel Durov was spotted there earlier this year. Japarov’s son, Rustam, drew attention in 2022 when a photo circulating on social media appeared to show him with leaders at a meeting of the Shanghai Cooperation Organization, a regional security group, in Samarkand, Uzbekistan. At the time, the 24.kg news service questioned why he was there since he didn’t hold any government position and wasn’t part of the official Kyrgyz delegation. In June, President Japarov apologized when news emerged that the fiancé of his niece had proposed marriage after the pair traveled on a rented government helicopter to the mountains near Bishkek. The scandal got worse when the fiancé, Aftandil Sabyrbekov, was arrested on drug charges. In the Kabar interview that was published on Wednesday, Japarov also disputed any suggestion that the involvement of Taimuras Tashiev, son of a high-ranking government official, in a road project in the town of Özgön was inappropriate. Tashiev’s father is Kamchybek Tashiev, chairman of the State Committee for National Security. “Why not say thanks to Taimuras,” said the president, who regularly gives interviews to state-run Kabar while some more critical media have faced state prosecutions. “Would Taimuras introduce the company he founded if it would harm the state?”