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Priorities of cooperation with International Finance Corporation outlined

Priorities of cooperation with International Finance Corporation outlined

President of Kyrgyzstan Sadyr Japarov met with the Regional Manager of the International Finance Corporation (IFC) for Central Asia Cassandra Colbert. The parties discussed prospects for cooperation in implementation of projects significant for the country.

As the head of state noted, an effective mechanism of work with international partners and investors will be created in the near future, because now it is important to stimulate development of the private sector and provide support to entrepreneurs.

According to Sadyr Japarov, in order to improve work with investors, as well as to provide the necessary guarantees for their activities, the status and powers of the Agency for Promotion and Protection of Investments will be increased and expanded.

For these purposes, it is planned to adopt the appropriate regulatory legal acts. The President told about the ongoing preparation of the country’s development strategy, within the framework of which priorities for the medium term will be determined, and special attention will be paid to economic recovery.

The strategy will also include tasks and measures to create a favorable investment climate, implement projects for development of the financial sector and digitalization.

The priority sectors of the economy are hydropower, the transport and logistics sector, the agro-industrial complex, mining, tourism, healthcare and education systems.

Taking into account the IFC’s extensive experience in supporting investment projects, assistance in development of the private sector and the financial market, Sadyr Japarov stated about deepening cooperation. He also suggested considering the possibility of supporting creation of new instruments for concessional financing of the private sector and construction of affordable social housing.

The head of state noted that it is important to step up joint work on implementation of projects in the field of digitalization, renewable energy sources, stressing the readiness to work on projects for construction of solar and hydroelectric power plants. At the same time, he told about importance of implementation of the project within the framework of a public-private partnership for modernization and development of airports.

The IFC Regional Manager for Central Asia Cassandra Colbert stressed that the priorities voiced by the Kyrgyz side fully coincide with the priorities of the organization for the near future. «We are ready to work together to speed up recovery of the Kyrgyz economy from consequences of the coronavirus pandemic and improve the welfare of citizens,» she said.

The International Finance Corporation (IFC), a member of the World Bank Group, promotes sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to companies and government. The Kyrgyz Republic joined IFC in 1992 and owns 0.07 percent of its authorized capital.

Since joining, IFC has provided $ 130 million in investments in various projects in the banking, microfinance, mining, agriculture, pulp and paper sectors, as well as in the private equity fund.