BISHKEK, Kyrgyzstan, April 25. Kyrgyzstan and the Asian Infrastructure Investment Bank (AIIB) have agreed to establish a bilateral working group for the financing of the Kambarata-1 hydropower plant (HPP) construction, Trend reports.
According to the Cabinet of Ministers, the decision was made following negotiations between the Chairman of the Cabinet of Ministers of Kyrgyzstan, Akylbek Japarov, and the President of the AIIB, Jin Liqun, in Washington.
During the meeting, Japarov emphasized that the Kambarata-1 HPP would have the greatest possible positive influence on Kyrgyzstan and the Central Asian area as a whole. Japarov suggested to the head of the AIIB to take part in funding the project's construction.
In response, the president of the AIIB stated that, this situation is a clear indication of the gravity and scope of the Kambarata-1 HPP, guaranteeing its success, given that the World Bank Group would initially fund $500 million and will continue to oversee the project. He stated that the bank is fully prepared to take part in funding this exciting endeavor.
A delegation led by Chairman Japarov is currently in Washington to participate in the spring meetings of the boards of governors of the International Monetary Fund (IMF) and the World Bank Group (WBG).
The Kambarata-1 HPP on the Naryn River is the largest hydroelectric project in the country. This HPP, which is expected to become one of Central Asia's largest hydropower ventures, will have a capacity of 1,860 MW and a reservoir volume of 5.4 billion cubic meters, with an annual electricity generation of 5.6 billion kWh.