News Column

Kyrgyz government, Islamic Development Bank sign agreement on several projects for $46 million

June 26, 2014

First Vice Prime Minister of Kyrgyzstan Tairbek Sarpashev met with Islamic Development Bank Group President Dr.Ahmad Mohamed Ali Al Madani on the sidelines of the 39th session of the IDB Board of Governors in Jeddah on June 25, reported the government's press service.

The sides discussed main priorities of cooperation between IDB and Kyrgyzstan in the nearest time, progress of implementation of current projects, new projects in energy sector, transport infrastructure and agriculture.

Tairbek Sarpashev expressed gratitude to IDB for support in socio-economic development and underlined the leadership of Kyrgyzstan attaches a great importance to development of cooperation with the Bank.

"The work on introduction of Islamic financing principles intensified. The agreement on development of the regulations for introduction and development of Islamic insurance (takaful) and Islamic bonds (sukuk) was signed in April. The government intends to significantly expand Islamic financing principles to attract large investments and to develop financial market and banking sector. We are preparing for the investment conference and a round table discussion in the framework of the Arab Coordination Group," Sarpashev said.

Dr.Ahmad Mohamed Ali Al Madani in turn noted productive cooperation of IDB with Kyrgyzstan. "IDB will continue making investments into socio-economic development of Kyrgyzstan. In this regard signing of the agreement on energy sector, transport infrastructure, agriculture will confirm intention of the Bank to further expand cooperation with Kyrgyzstan," the IDB President said.

Following the discussion Tairbek Sarpashev and Dr.Ahmad Mohamed Ali Al Madani signed the agreement between the Kyrgyz government and Islamic Development Bank on:

- rehabilitation of the Osh-Batken-Isfana road for $21.32 million;

- improvement of power supplies in Arkin massive, Leilek district, Batken region for $16.25 million;

- sustainable development of villages for $9 million.

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: AKIpress News Agency (Kyrgyz Republic)

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters