BISHKEK, Kyrgyzstan, July 30. The Financial Credit Fund under the Ministry of Finance of Kyrgyzstan has guaranteed $17.5 million for the construction of the Kara-Kul small hydropower plant, Trend reports.
The guarantee agreement was signed with Jagalmay Company and Demir Kyrgyz International Bank.
According to the Ministry of Finance, the total project cost is $25 million, with $17.5 million financed by Demir Kyrgyz International Bank and $7.5 million by Jagalmay.
The launch of the Kara-Kul hydropower plant is expected to enhance the country's energy security, generate additional budget revenue, and create new jobs. The project has both regional and national significance.
The Kara-Kul plant will have a capacity of 18 MW with an average annual electricity output of 112.3 million kWh, covering 3.5 percent of the country's electricity deficit. The plant is slated to be operational by the end of the first half of 2025, as initiated by Jagalmay.
The Financial Credit Fund is a state executive body responsible for implementing government programs and projects to support and develop the country's economy.