BAKU, Azerbaijan, January 31. Switzerland will allocate funds for the modernization of Kyrgyzstan's energy sector, a source at the Embassy of Switzerland in the country told Trend.
The Swiss Government will provide Kyrgyzstan with $8 million in grant funding as a contribution to the Electricity Sector Modernization and Sustainability Project led by the World Bank (WB).
The Grant Agreement was signed by Kyrgyz Minister of Finance Almaz Baketaev and WB’s Country Manager for Kyrgyzstan Naveed Hassan Naqvi in the presence of the Ambassador of Switzerland to Kyrgyzstan Olivier Bangerter on January 31, 2023.
Within the Kyrgyz Electricity Sector Modernization and Sustainability Project, which was approved in June 2022, WB provides $50 million through credit and grant funds to enhance the financial performance and operational dependability of Kyrgyzstan's electricity sector.
According to the WB, the implementation of this project will create a supportive social protection mechanism to mitigate the consumer impacts of envisaged reforms. World Bank hopes that Kyrgyzstan’s energy sector will finally set to see a green light and turn into a true driver for the country’s development.