The World Bank Group, Abu Dhabi Future Energy Company PJSC (Masdar), and the Government of Uzbekistan have signed a financial package to fund a 250-megawatt (MW) solar photovoltaic plant with a 63-MW battery energy storage system (BESS). The project aims to expand clean and reliable electricity access to approximately 75,000 households, the World Bank said
The Eurasian Development Bank (EDB) and Bishkek Solar have signed a cooperation agreement to finance the construction of a 300 MW photovoltaic power station in Toru-Aigyr village in Kyrgyzstan’s Issyk-Kul region. The signing ceremony took place on 21 May in Bishkek. The project includes several key agreements, including an agreement with the National Electric Grid
The Eurasian Development Bank (EDB), the Financial Credit Fund under the Ministry of Finance of the Kyrgyz Republic (FCF), the Russian-Kyrgyz Development Fund (RKDF) and the Kyrgyz Stock Exchange (KSE) have signed a letter of intent to implement a technical assistance project aimed at modernising the stock exchange in Kyrgyzstan. The modernisation project aims to
The European Bank for Reconstruction and Development (EBRD) and Kazakhstan are joining forces to support the modernization and development of the national mining sector. They will cooperate on activities that can contribute to better governance, transparency and regulation of the sector in line with best international standards and practices, the EBRD reported. The Memorandum of Understanding (MoU)
The European Bank for Reconstruction and Development (EBRD) says it is supporting inclusive lending in Kazakhstan by providing new funds to the country’s leading microfinancier, KMF. KMF has been an EBRD client for almost two decades. The financial package of up to US$ 25 million (€ 23.2 million) will be disbursed in local currency, the Kazakh tenge (KZT)
The European Bank for Reconstruction and Development (EBRD) on May 15 said it is pledging new funds to support inclusive lending to the smallest customers in remote areas of Tajikistan. The Bank is providing a financial package of US$ 4 million (€3.7 million) to one of the country’s leading microlenders, MDO HUMO. HUMO, the winner of
According to the latest Regional Economic Prospects (REP) report published by the European Bank for Reconstruction and Development (EBRD), Central Asian economies in 2024 are expected to see growth slowing to 5.4 percent. However, a rebound to 5.9 percent is expected in 2025. The report notes that intermediated trade with Russia, which had been a significant growth
The International Finance Corporation (IFC), a member of the World Bank Group, has announced it will invest up to $5 million in Sturgeon Emerging Opportunities II, a new venture capital fund managed by Sturgeon Capital, a major venture capital investor. The money will help promote digital economies and support the growth of early-stage tech startups
Yerzhan Yelekeyev, Chairman of the Management Board of National Company Kazakh Invest, on May 13 met with Pascal Zappone, Vice President of the Swedish company Scania CV AB, to discuss the company’s plans to expand investment activities in Kazakhstan, including implementing an investment project to assemble electric generators, Kazakh Invest reported. Scania manufactures industrial and marine engines, trucks,
The U.S. Agency for International Development (USAID) will host the 13th Central Asia Trade Forum, entitled “Trade Connections: Bridging Globally,” on May 14 and 15 in Almaty, the U.S. Embassy in Kazakhstan announced. With more than 10,000 government and business leaders from 25 countries in Central and South Asia, Europe, and the United States participating since
Kazakhstan-based billionaire Mikheil Lomtadze has bought England’s Wycombe Wanderers soccer club, RFE/RL’s Kazakh Service reported. Lomtadze’s Blue Ocean Partners Ltd. paid an undisclosed amount for a 90 percent stake in the club, which plays in England’s League One, the third level of the English football league system, the BBC reported on May 5. The 48-year old Georgia-born
The United Nations Development Program (UNDP) in Kyrgyzstan, in collaboration with the PF “Training and Consulting Center” (TES-Center), is launching an initiative to strengthen the value chain (VAC) of natural honey under UNDP project “Aid for Trade in Central Asia”, funded by the Government of Finland. The project will continue to provide support to key
The European Bank for Reconstruction and Development (EBRD) says it is supporting micro, small and medium-sized businesses and improving access to finance for young entrepreneurs in Uzbekistan by providing a financial package of up to US$ 20 million (€18.8 million) to a major private lender, Ipak Yuli Bank. The package consists of a US$ 10 million loan under
Significant steps towards expanding relations between Kazakhstan and Uzbekistan were made within the framework of the III Tashkent International Investment Forum on May 2-3, the Ministry of Foreign Affairs of Kazakhstan reported. Deputy Minister of Foreign Affairs of Kazakhstan Nazira Nurbayeva spoke at the event, saying that last year, the trade turnover between Kazakhstan and Uzbekistan reached
The first meeting of the Business Council of Kazakhstan and Croatia was held in Zagreb on April 25 as part of a joint business forum with the support of the Embassy of Kazakhstan in Croatia. During the event, Ulbosyn Sarybayeva, the representative of National Company Kazakh Invest, told Croatian businessmen about measures of state support for investments and
Thirty aspiring tourism business owners from universities in Osh, Kyrgyzstan and Uzbekistan will participate in the two-day “Youth Empowerment in Tourism” workshop to hone their skills in digital literacy, hotel service, business development, and social media marketing. The workshop features experts from the Kyrgyz Republic, the United States, Kazakhstan, and Uzbekistan, and included session on
During the official visit of UK Foreign Secretary David Cameron to Kazakhstan, a ceremony was held on April 25 to sign two commercial documents. The Ministry of Healthcare of Kazakhstan, the Almaty City Administration, National Company Kazakh Invest, and AstraZeneca signed a Plan for the implementation of an investment project for contract manufacturing of biotechnological
With the support of the Ministry of Foreign Affairs of Kazakhstan and National Company Kazakh Invest, Carlsberg Kazakhstan on April 19 opened a new production site in Almaty worth $50 million. The launch of the new production facility will contribute to ensuring 100% localization of brewing and non-alcoholic products to meet the domestic needs of the
Turkmenistan President Serdar Berdimuhamedov on April 17 opened a section of the Ashgabat-Turkmenabat high-speed highway linking the cities of Tejen and Mary in southeastern Turkmenistan. According to the State News Agency of Turkmenistan, the construction of the 600-kilometers-long Ashgabat-Turkmenabat highway started in January 2019. The highway will consist of three sections: Ashgabat-Tejen (203 kilometers), Tejen-Mary
Economic growth in Uzbekistan is expected to decrease in 2024 due to the impact of higher prices on household disposable income, according to a new flagship report from the Asian Development Bank (ADB). In its Asian Development Outlook (ADO) April 2024, ADB projects gross domestic product (GDP) growth for Uzbekistan to be 5.5% in 2024, followed