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ADB to allocate $80 million to support economic diversification in Kyrgyzstan

The Asian Development Bank (ADB) has approved an $80 million policy-based lending program to support efforts to diversify the Kyrgyz Republic’s economy and make it more resilient to shocks such as the coronavirus disease (COVID-19) pandemic. ADB website says.

Under the second subprogram of the Promoting Economic Diversification Program (PEDP), ADB will provide a $69.3 million policy-based loan and a $10.7 million grant to help the economy transition from a heavy reliance on gold extraction and remittances to broad-based, sustainable, and inclusive growth.

The program supports the implementation of reforms that will enhance trade and investment competitiveness, promote the development of small and medium-sized enterprises (SMEs), improve infrastructure development through public—private partnerships, develop industry-based skills, and improve fiscal management and social protection resilience.

«Ultimately, staying the course on these reforms will strengthen the country’s capacity to increase exports and foreign direct investment, improve agricultural production and food security, create more decent jobs, and provide stable incomes through increased SME engagement in the formal economy. The reforms will also increase investments in economic and social infrastructure and improve vocational education and skills training,» said ADB Director General for Central and West Asia Yevgeniy Zhukov.