BISHKEK, Kyrgyzstan, April 13. The Kyrgyz parliament has approved in its first reading a law on the financing agreement for energy projects in the country with the International Development Association (IDA), Trend reports.
"In the first reading, the budget, economic, and fiscal policy committee of the Kyrgyz parliament reviewed and approved the Financing Agreement between Kyrgyzstan and the International Development Association, signed on January 23, 2024, in the city of Bishkek (the Renewable Energy Development Project in Kyrgyzstan), and the agreement between Kyrgyzstan and the International Development Association, acting as an accredited entity of the Green Climate Fund, signed on January 29, 2024, in the city of Bishkek," the Parliament reports.
According to the Deputy Minister of Energy, Taalaibek Baigaziev, the Renewable Energy Development Project in Kyrgyzstan involves attracting funds from the IDA amounting to $80.2 million, of which $67.7 million is a loan from the IDA, $10 million is a loan from the Green Climate Fund (GCF), and $2.5 million is a GCF grant.
As per the agreement, the official noted, hydroelectric power stations will be rehabilitated, and new hydroelectric power plants will be built, totaling $43.2 million. The agreement also allocates funds ($36.5 million) for the development of renewable energy, modernization, and strengthening of the corresponding infrastructure. Additionally, we have allocated $1.5 million for institutional strengthening and support during project implementation.