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
The European Bank for Reconstruction and Development (EBRD) on July 2 said it is contributing to Uzbekistan’s objective of developing up to 25 GW of solar and wind capacity by 2030, by organising a facility of up to US$ 229.4 million for the development, design, construction and operation of a 500 MWh battery energy storage system (BESS)
At the Kazakhstan-China roundtable in Astana on July 2, 44 documents were signed amounting to over $3.7 billion. The agreements aim to develop joint projects in energy, transport, industry, agriculture, and high technology, Kazakh Invest national company reported. In particular, national railways company Kazakhstan Temir Zholy JSC and Lianyungang Port Group signed an agreement to invest in the construction
The Asian Development Bank (ADB) on 1 July said it is providing $50 million to support fiscal and public management reforms in the Kyrgyz Republic to enable more public funding for the nation’s low carbon transition and climate adaptation needs, and integrate gender inclusiveness into budget processes. The funding for subprogram 1 of the Sustainable Fiscal
According to the new research paper “Drinking Water Supply and Sanitation in Central Asia” released by the Eurasian Development Bank (EDB), almost 10 million people, or 14% of the population, have poor access to safe drinking water in Central Asia. Water withdrawals for drinking and domestic uses increased twofold to reach 8.6 km3 between 1994
On June 27, Uzbekistan President Shavkat Mirziyoyev left his signature on the first electric vehicle that rolled off the assembly line of the joint venture BYD Uzbekistan Factory in the country’s Jizzakh region. In the first phase of the project, with a cost of $160 million, the new plant will have a production capacity of
Prospects for cross-border transport corridors in Eurasia, realising their economic potential, reducing costs and coordinating efforts of authorities and businesses will be key topics discussed by government representatives, businesspeople and experts at the Eurasian Development Bank’s (EDB) Annual Meeting and Business Forum on 27–28 June in Almaty. The session titled “The Eurasian Transport Network: Potential, Challenges
According to the latest data released by the Statistics Agency of Uzbekistan, from January to May 2024 the country’s foreign trade amounted to $26.7 billion, with exports totaling $10.8 billion and imports — $15.8 billion. Compared to the same period last year, the country’s exports increased by 1.9% and imports — by 3.7%. China has
