The European Bank for Reconstruction and Development (EBRD) says it is promoting greater use of green technologies and creating growth opportunities for small firms in Kazakhstan by providing a financial package of US$ 60 million (€55.3 million) to the country’s major private lender, Bank CenterCredit (BCC). The package consists of a loan in Kazakhstan tenge equivalent to US$ 30
Kyrgyzstan President Sadyr Japarov on July 22 attended the opening ceremonies of two small hydroelectric power plants (HPPs) in the country’s southern Jalal-Abad region. One HPP, Kok-Art, is located in the Suzak district of Jalal-Abad region. Its construction began in August 2023. The plant has a capacity of 6.8 MW and an estimated annual electricity
The Asian Development Bank (ADB) said it has approved a $50 million policy-based grant to help the Government of Tajikistan foster a climate-responsive business environment and support small and medium-sized enterprises (SMEs) in the country. The Enabling Climate-Responsive Business Environment Improvement Program aims to transform Tajikistan’s business environment, including through digitalization, reforms to increase exports, improving infrastructure
Construction of the Surenata mining plant was launched last week in Parkent district of Uzbekistan’s Tashkent region, the Uzbek Ministry of Mining Industry and Geology reported. When completed, the new plant will produce 2.4 million tons of ore and one million tons of iron ore concentrate per year. China’s Limaomaoli Metal Company is expected to
According to the Kazakh Ministry of Transport, Kazakhstan’s airlines have transported about 5.5 million passengers since the beginning of this year, an increase by 17% compared to the same period last year. Today, domestic flights in Kazakhstan are operated by six airlines on 53 routes with a frequency of 640 flights per week. The state
Kyrgyzstan President Sadyr Japarov last week signed amendments to the Law “On Sustainable Development of the Ecological and Economic System of Issyk-Kul,” his press service said. Passed by the Jogorku Kenesh (Parliament) of the Kyrgyz Republic on June 12, 2024, the amendments allow private ownership of recreational facilities (hotels and guesthouses) at Lake Issyk-Kul by
At a government meeting last week, Uzbekistan President Shavkat Mirziyoyev reviewed the country’s economic results in the first half of this year. In the first half of 2024, Uzbekistan’s gross domestic product increased by 6.4 percent. Industry grew by 7.8%, construction by 10.1%, services by 12.9%, and agriculture by 3.8%. State budget revenues increased by
The Asian Development Bank (ADB) and the Kazakhstan Electricity Grid Operating Company (KEGOC) have signed a financing deal worth 58.2 billion tenge (around $123 million) to expand the high-voltage transmission network in the southern region of Kazakhstan. This expansion will allow the integration of large-scale renewable power generation into the grid, reinforce and stabilize power
A ceremony of laying the capsule for the future production of solar modules by the domestic investor Altyn Group LLP under the TGS-Solar brand took place in the Alatau SEZ in Almaty on July 17, Kazakh Invest national company reported. The founder of Altyn Group, Jomart Mominbayev, thanked the Government of Kazakhstan for its assistance in the implementation of the project and
Tajikistan’s economy has shown remarkable growth in recent years, with an impressive expansion of 8.3% in 2023 and 8.2% in early 2024, according to the World Bank’s latest Tajikistan Economic Update released on July 16. According to the report, the growth was driven by increased revenues from gold exports and substantial public infrastructure spending. Robust worker remittances
The government of Kazakhstan said on July 16 that it had settled a longtime legal battle with Moldovan businessman Anatol Stati over energy-related assets, RFE/RL’s Kazakh Service reported. “The parties are pleased to have reached an agreement on favorable terms, which will bring an end to all legal proceedings and the suspension of any ongoing claims across
A Memorandum of Understanding for the Development of Islamic Finance in Central Asia was signed between the Eurasian Development Bank (EDB) and the Islamic Development Bank Institute (IsDBI) on June 27 in Almaty, Kazakhstan, as part of the Eurasian Development Bank’s Annual Meeting and Business Forum. The document was signed by Nikolai Podguzov, Chairman of the EDB
Late in June, the largest delegation in the U.S.-Tajikistan Business Council’s history visited Tajikistan. During the two-day mission, over thirty representatives of U.S. medical, financial, mining equipment, franchising services, and digitalization firms met with leading Tajik businesses and government officials to identify opportunities, create partnerships, and increase trade and investment between the United States and
Chairman of the Management Board of Kazakh Invest national company, Yerzhan Yelekeyev on July 15 held a meeting with representatives of the Chinese corporation WEIGAO, during which the parties discussed the possibility of localizing the production of medical equipment in Kazakhstan. Zhang Yong, General Director of WEIGAO, told Kazakhstani representatives about the corporation’s work in the production of
The World Bank’s Board of Executive Directors on July 11 approved $13.6 million in additional financing to supplement the ongoing $5 million Technical Assistance for Kambarata-1 Hydropower Plant (HPP) Project for the Kyrgyz Republic. The project aims to support the Government of the Kyrgyz Republic in the preparation of the Kambarata-1 Hydropower Plant (HPP) project in a
The National Investment Agency under the President of the Kyrgyz Republic, Vasta Discovery LLC (Russia), and the Eurasian Development Bank (EDB) have signed a trilateral Memorandum of Cooperation on the creation of Baytik Mountain Resort in Kyrgyzstan. The signing ceremony of the Memorandum was attended by Talantbek Imanov, Director of the National Investment Agency, Sergey
The Central Securities Depository (CSD) of Kazakhstan said on July 11 that it had ordered brokers and management companies to divest Russian securities from their holdings by August 1, Current Time reported. The CSD’s press service said the move was necessary to adhere to U.S. sanctions imposed on the Moscow Stock Exchange (MSE) and its structures. In
The U.S. government through the U.S. Agency for International Development (USAID) and Nookat Almasy Cooperative have opened the largest cold storage facility in Nookat district in Kyrgyzstan’s southern Osh region that will generate 200 full-time jobs and help farmers expand their sales and market opportunities. With a total storage capacity of 1,000 tons, the facility will enhance
During a visit to the Russian Federation on July 8, Laziz Kudratov, Minister of Investment, Industry and Trade of Uzbekistan, participated in the first meeting of the Working Group on increasing trade turnover between Uzbekistan and Russia. Kudratov emphasized the exemplary nature of the development of Uzbek-Russian relations, achieved thanks to the firm political will
The Ambassador of the Kyrgyz Republic to Japan Mr. Erkinbek Osoev on July 4 in Tokyo took part in the second meeting of a business dialogue “Central Asia and Japan”. The event was attended by Ambassadors of the Central Asian countries in Japan, President of the Japanese Association for Trade with Russia and the New Independent States
