BISHKEK, Kyrgyzstan, September 25. Kyrgyzstan’s State Property Agency reported that revenue from the management of state assets reached 36.12 billion soms ($413 million) over the period from January through August 2025, surpassing the 2025 target of 15.48 billion soms ($177 million) by 2.3 times, Trend reports.
Of the total revenue, dividends contributed 26.59 billion soms ($304 million), privatization 9.17 billion soms ($104 million), rental income 177.3 million soms ($2 million), and other sources 191.5 million soms ($2.1 million). The 2025 plan anticipated 200 million soms ($2 million) from rent and 15.28 billion soms ($174 million) from dividends.
Currently, the agency holds shares in 21 operating joint-stock companies across various economic sectors and works with 61 state-owned enterprises. During the eight months, 816 lease agreements were signed for state-owned buildings and land, covering a total area of 62,215 square meters.
Significant steps were taken to strengthen state-owned enterprises and investment institutions. Organizational procedures were completed for the National Investment Fund (NIF), a development institution aimed at preparing the state corporate sector for international capital markets, including potential IPOs. The fund’s governing bodies were elected, and its authorized capital increased by 1 billion soms ($11.4 million).
The authorized capital of major state companies, including Kyrgyzaltyn, Airports of Kyrgyzstan, Kyrgyzneftegaz, and state banks, was increased by a total of 20 billion soms ($228 million). Ratings for state banks also improved: Eldik Bank’s credit rating was upgraded by Fitch from B- to B with a stable outlook, while S&P Global Ratings assigned Aiyl Bank long- and short-term ratings of B+/B with a stable outlook in April 2025.
Reforms in the mining and customs sectors included the transformation of Kyrgyzkumur into a joint-stock company while keeping 100 percent state ownership, and the conversion of the state customs infrastructure enterprise into a joint-stock company to improve service quality.
A new state-owned enterprise, Kyrgyz Oil Company, was established as a unified supplier of fuel for major state companies, aiming to reduce distribution costs and eliminate private intermediaries.
Non-financial assets of the state sector also increased, with 226 assets voluntarily transferred to state ownership from individuals and legal entities as of September 22, 2025. Of these, 61 assets were sold, generating 9.77 billion soms ($11.7 million) in revenue.
