BISHKEK, Kyrgyzstan, February 1. Kyrgyzstan and the European Investment Bank (EIB) have inked a memorandum of understanding for a total sum of 150 million euros to finance projects in Kyrgyzstan's transport sector, Trend reports.
According to the Cabinet of Ministers of Kyrgyzstan, the memorandum took place during the Global Gateway Investors Forum for EU-Central Asia Transport Connectivity.
At the forum, Kyrgyzstan is being represented by Bakyt Torobaev, Deputy Chairman of the Cabinet of Ministers of Kyrgyzstan and Minister of Water Resources, Agriculture, and Processing Industry.
In total, the EIB plans to allocate 1.47 billion euro for co-financing transportation projects in Kyrgyzstan, Kazakhstan, and Uzbekistan. The co-financing by the EIB is part of a broader commitment by European and international financial institutions to direct 10 billion euro towards developing connections between Europe and Central Asia and sustainable transportation projects.
These investments will contribute to the development of the Middle Corridor, allowing goods to traverse it within a 15-day time frame.
The funding will mobilize additional capital, leading to overall support for sustainable transportation projects in Central Asia totaling 3 billion euro, according to statements from the European Investment Bank.