Kyrgyzstan Gives “National Significance” Status to Strategic Energy Projects

The Deputy Chairman of the Cabinet of Ministers, Minister of Water Resources, Agriculture and the Processing Industry of the Kyrgyz Republic, Bakyt Torobaev on January 16th held a meeting of the governmental commission for the selection of national investment projects. The meeting considered giving certain undertakings the status of “projects of national significance,” which, according to Torobaev, will help increase their attractiveness to investors. This will contribute to socioeconomic development, job creation, the development of industry and agriculture in regions where such projects are implemented, Torobaev stated. The commission granted the status of “projects of national significance” to the construction of the Kambarata hydroelectric power plant-1, the Kazarman hydroelectric power plants cascade, and the Kemin-Torugart 500 kV power transmission line. With this status, companies interested in investing in these will be exempt from value added tax, sales tax, and income tax for a certain period. The Cabinet of Ministers expects that this step will help speed up the implementation of these strategic projects. Construction of the Kambarata hydroelectric power plant-1 and the cascade of the Kazarman hydroelectric power plants are two flagship projects aimed at introducing new power generating capacities to help Kyrgyzstan overcome its chronic electricity shortages, which are especially acute in the winter months.

IFC Appoints New Country Manager for Uzbekistan and Turkmenistan

According to the website of the International Finance Corporation (IFC), the organization, a member of the World Bank Group, on October 9 said it has appointed Neil McKain as Country Manager for Uzbekistan and Turkmenistan. McKain will spearhead IFC's strategy and operations to spur private sector development and drive sustainable, inclusive economic growth in these countries. McKain will be based in Tashkent, Uzbekistan and will lead efforts to grow IFC's investment and advisory programs, overseeing their operation across sectors, and managing key relationships with clients, partners, and governments. A British national, McKain brings over 20 years of private sector development experience to his new role. He most recently served as Adviser to the Vice President, Banking, at the European Bank for Reconstruction and Development (EBRD). Prior to that, McKain was regional head for the EBRD in the Kyrgyz Republic, Tajikistan and Turkmenistan, spending 14 years in senior positions in the Caspian Basin and Central Asia. "I welcome Neil to this important role. I know his technical and leadership skills and knowledge of the region will help expand IFC's impact, generate new partnerships to meet the countries' needs, and build a strong foundation for a dynamic and inclusive private sector," said Wiebke Schloemer, IFC Director for Türkiye and Central Asia. "Increased private sector investment is critical to help Uzbekistan and Turkmenistan grow and diversify their economies and better harness their immense potentials," said McKain. "I'm excited to take up my new role and work with our partners in these countries to amplify IFC's support through private sector-led solutions." Before joining the EBRD in 1998, McKain started his professional career with A.T. Kearney in Russia working on post-privatization restructuring. He holds an MBA from the University of Cambridge and an MA in Political Science from the University of Aberdeen.   His new role took effect on October 2.