Baku, Azerbaijan, Nov.2
The Asian Development Bank’s (ADB) Board of Directors has approved a total of $78 million to complete the rehabilitation of a road that connects two major transport corridors linking the land-locked country to international markets, said a message from ADB.
The new loan supplements financing to an existing ADB-supported project to improve regional connectivity, mobility, and economic activity in the Kyrgyzstan by improving regional transport corridors around the country.
The additional assistance, composed of a $68.5 million loan and a $9.5 million grant from the Asian Development Fund, will improve two road sections on the North–South Alternate Corridor, namely Balychy–km marker 43 and Kochkor–Epkin, totaling 68 kilometers (km), to provide a faster, alternative route between the Central Asia Regional Economic Cooperation (CAREC) Corridors 1 and 3.
“The Kyrgyzstan depends heavily on road transport,” said ADB Principal Portfolio Management Specialist Narendra Singru.
“Weak domestic and regional connectivity has hindered the country’s economic growth and development, which also limits mobility and economic opportunities for its citizens. This project addresses some of these issues by promoting the movement of cargo and passengers and improving access to regional economic centers.”
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 67 members - 48 from the region. In 2017, ADB operations totaled $32.2 billion, including $11.9 billion in cofinancing.