BISHKEK, Kyrgyzstan, April 27. The Islamic Development Bank (IsDB) is ready to consider financing the Kambarata-1 hydropower plant (HPP) construction in Kyrgyzstan as part of a consortium, said Muhammad Sulaiman Al Jasser, IsDB President, Trend reports.
He made the remark at the meeting with First Deputy Chairman of the Kyrgyz Cabinet of Ministers Adylbek Kasymaliev in Riyadh, Saudi Arabia.
During the talks, IsDB president highlighted the significance of the Kambarata-1 HPP construction project for the entire Central Asian region.
In turn, Kasymaliev invited IsDB's leadership to participate in the international energy investment forum, organized by Kyrgyzstan and scheduled for early June in Vienna, Austria. This forum aims to mobilize financial resources for hydropower plant construction.
Following the meeting, Kyrgyzstan signed an agreement with the IsDB for $79 million under the project "Financing Affordable Housing According to Sharia Standards". Additionally, it was announced that the bank has undertaken 27 projects in Kyrgyzstan, totaling more than $500 million, with projects worth over $200 million currently in progress.
To note, Adylbek Kasymaliev is currently in Riyadh for a working visit. During the trip, he will participate in the 49th Annual Meeting of the Board of Governors of the Islamic Development Bank Group and will also hold a series of bilateral meetings with the leadership of financial institutions and international companies.
The Kambarata-1 HPP on the Naryn river is the largest hydroelectric project in Kyrgyzstan. 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.
At the International Monetary Fund (IMF) and World Bank Group (WBG) Spring Meetings, held from April 17 to 19, Kyrgyzstan's principal focus was on obtaining investments for the building of the HPP.